In short, monetary policy is perpetuating the disequilibrium between creditor and debtor economies in the eurozone, and macroprudential policy is doing nothing to stop it. When interest rates normalize, this could generate serious financial instability.
简而言之，货币政策延续了欧元区债权国和债务国经济体之间的不平衡，而宏观审慎政策也对此束手无策。一旦利率恢复正常化就可能产生严重的金融动荡。但——这是难题所在——欧洲央行缺乏足够的选项去刺激欧元区偿付能力较强机构的需求，也因此难以支撑经济的可持续复苏。