My proposal is to use the European Financial Stability Facility (EFSF) and the European Stability Mechanism (ESM) to insure the European Central Bank against the solvency risk on any newly issued Italian or Spanish treasury bills that it may buy from commercial banks. This would allow the European Banking Authority to treat these various T-bills as the equivalent of cash, because they could be sold to the ECB at any time.
我的提议是，利用欧洲金融稳定基金和欧洲稳定机制确保欧洲央行为意大利或西班牙新发行的国库券的偿付能力风险提供担保，欧洲央行可能会从各商业银行购买这些债券。这将允许欧洲银行管理局把各类国库券当做现金，因为这些国库券可以随时卖给欧洲央行。