More broadly, the ECB’s marginal lending facility is an indirect means of monetizing sovereign debt. It is an even less direct way to address the private, related-debt overhang.
从更广的角度看，欧洲央行的边际贷款便利在间接将主权债务货币化。在纠正私人相关债务宿醉问题方面，它的效果更不直接。但它确实有效。