Of course, in the highly indebted peripheral countries, there was room for interest rates to fall and for credit supply to grow – and they have, leading governments and households to increase their spending. While the asymmetrical impact of the ECB’s policy is appropriate in principle (because unemployment is much higher in the periphery), the reality is that a recovery supported by the least solvent economies is not sustainable.
当然，那些债台高筑的外围国家是有足够的空间去下调利率和增加信贷供应——而它们已经在引导政府和家庭增加支出。但虽然欧洲央行政策的不对称影响在原则上是合理的（因为外围国家的失业率要高得多），无奈现实告诉我们，仅靠那些个麻烦最大的国家是无法可持续支撑经济复苏的。