Draghi spent months before the ECB’s January 22 announcement that it would launch quantitative easing (QE) in intense public debate with the Germans over which point of principle they chose as a “red line” – the point beyond which no deal would be possible. Germany’s red line was debt mutualization: there must be no sharing of losses if any eurozone country should default.
1月22日，欧洲央行宣布启动量化宽松。在此之间的好几个月中，德拉吉与德国人公开争论“红线”原则——即导致协议无法达成的点。德国的红线是债务共同化：不管哪个欧元区国家违约，都不可能共担损失。