However, with the German and US economies slowing precipitously, the ECB would have a perfect cover for its interest-rate moves. The ECB could convincingly argue that Merkel’s reforms and the US, not its interest-rate hikes, are responsible for the European slowdown, should one occur.
欧洲央行加快其利率规范化恰逢其时。危险在于一旦欧洲经济疲软，它将会受到指责。不过，在德国和美国经济急转直下的情况下，欧洲央行为其利率改变找到了一个最佳的借口。如果情况果真如此的话，欧洲央行可以令人信服地争辩说是默克尔的改革和美国，而不是它的提高利率应该为欧洲经济的放缓负责。从政治上讲，欧洲央行的行动是不会有风险的。