The effectiveness of interventions in the sovereign-bond market – that is, their ability to lower the borrowing costs of households and firms further – will also rest on the state of the banking sector. Higher capital ratios, lower exposure to bad loans, and more transparent balance sheets increase the chances that the ECB’s quantitative impulses will be transmitted to the wider economy.
而干涉手段对主权债券市场的效力——也就是它们进一步降低家庭和企业借贷成本的能力——也取决于银行部门所处的状态。更高的资本储备金率，更低的坏账风险，更透明的资产负债表将增加欧洲央行量化刺激手段传导到更广大经济范围的机会。