Likewise, on the national level, pro-growth economic-reform initiatives – which seem to have lost some urgency in the face of overly complacent and excessively accommodating financial markets – need to be revitalized. This would ease the policy burden on the ECB, which is currently being forced to pursue multiple ambitious objectives that far exceed its capacity to deliver sustainably good outcomes regarding growth, employment, inflation, and financial stability.
要想在这样的背景下保证欧洲的经济未来，首先需要加强地区一体化承诺——完成银行联盟、推进财政联盟、迈向政治联盟。没完没了的希腊问题会议和峰会严重影响了这一承诺。类似地，在国家层面，促增长经济改革措施——似乎因为金融市场的过度自信和过度迁就而丧失了一些紧迫性——需要重新获得动力。这将减轻欧洲央行的政策负担。目前，欧洲央行被迫追求多重宏大目标，这远远超过了其保证增长、就业、通胀和金融稳定的持续好结果的能力。