Without central-bank involvement, investors’ panicky prophecy would be self-fulfilling, with the resulting spike in borrowing costs making it impossible for the government to repay its creditors. In other words, prohibiting the central bank from acting as lender of last resort can push solvent economies into a needless debt crisis, undermining output and employment.
没有中央银行的介入，投资者的恐慌性预言就得以自证，并引发借款成本高涨，导致政府无力还款给借款者。一句话说，阻止中央银行扮演最后借款者的角色将导致原本有能力偿付债务的经济体陷入一场不必要的债务危机，破坏生产及就业。在大多数的描述中，这正是2012年在西班牙和意大利所发生的事情。