The ECB’s policy framework is well suited to fighting systemic blazes, but poorly suited to local fires, which thus can spread uncontrollably. The OMT program, which allows the ECB to buy sovereign bonds of countries that have agreed to reform their economies, significantly levels the playing field between the Bank and its advanced-economy peers.
欧洲央行的这一政策框架很适合扑救系统性大火，但不适合局部火灾，而后者可能形成燎原之势。OMT计划允许欧洲央行购买同意实施经济改革的国家的主权债券，从而让欧洲央行与其发达国家同侪站在了同一水平线上。西班牙在OMT计划宣布之前就存在相同的财政和结构问题，但现在，它有了外部最后贷款人。这可能扭转整个局面。