The member state would then be legally obliged to make deposits into that account to cover the ECB bonds’ coupons and principal. Moreover, the member state’s liability to the ECB would enjoy super-seniority status and be insured by the European Stability Mechanism against the risk of a hard default.
该成员国将承担法律义务将存款存入该账户偿还欧洲央行债券的息票和本金。此外，该成员国对欧洲央行的负债将享受超国家待遇，由欧洲稳定性机制（European Stability Mechanism）提供硬违约风险保险。