But this is not the case in Europe, where most investment is financed via bank loans that typically do not have long-term maturities – often less than five years – because banks themselves have little secure long-term financing. Moreover, the interests rates charged on these loans are not linked to market rates, but rather to the bank’s refinancing cost, which is already close to zero.
但欧洲并非如此。在欧洲，大部分投资通过银行贷款融资，这些贷款通常期限并不长——往往小于五年——因为银行本身没有多少可靠的长期资金源。此外，这些贷款的利率并不与市场利率挂钩，而是与银行的再融资成本（已经接近于零）挂钩。