This trust is missing in Europe. Despite an accumulation of legal texts and procedures, the EU fiscal framework lacks credibility and does not give the ECB confidence that governments will continue to pursue sustainability after its bond purchases shelter them from market pressure even further.
因此对任何实施量化宽松的央行来说，对政府的信任非常重要。而这种信任在欧洲早已失落了。尽管不断添加各类法律文本和程序，欧盟的财政框架依然缺乏可信度，也未能给予欧洲央行信心，无法让后者觉得这些国家将在债券采购行动让其躲过了进一步市场压力后继续寻求财政可持续性。