It is ironic that the ECB’s offer to buy Italian and Spanish debt has exacerbated external imbalances by raising the value of the euro. Perhaps that is just a temporary effect and the euro will decline when global financial markets recognize that a weaker exchange rate is needed to reduce current-account deficits in the eurozone’s three major Latin countries.
讽刺的是，欧洲央行的购买意大利和西班牙债券的行为通过提升欧元价值扩大了外部失衡。也许这只是暂时措施，欧元会在全球金融市场认识到汇率贬值才是减少欧元区三大拉丁国家经常项目赤字的必须之策时贬值。若非如此，欧洲央行的下一个挑战将是寻求欧元贬值。