Such measures would serve notice to investors that they cannot hope to be saved by the printing press in times of crisis, and would thus compel them to demand higher interest rates or deter them from granting credit in the first place. This would lead to greater discipline among the eurozone’s indebted countries and save Europe from a debt avalanche that could ultimately drive currently solvent states into bankruptcy and destroy the European integration project.
这些措施将受到投资者关注&mdash;&mdash;他们无法再指望危机时有印钞机拯救他们，因此将迫使他们要求更高的利率，或在一开始就不提供信用。这将给欧元区负债国带来更大的纪律约束，让欧洲免于债务雪崩&mdash;&mdash;债务雪崩可能最终导致目前仍有偿债能力的国家陷入破产并摧毁欧洲一体化工程。