The most influential objection to quantitative easing is that it will relieve the pressure on European governments to reform. According to this moral-hazard argument, the authorities will push ahead with painful labor- and product-market reforms and pursue the fiscal consolidation needed to gain the confidence of investors only if they remain under the gun.
对量化宽松最有影响力的反对是这会放松欧洲政府的改革压力。根据这一道德风险观点，只有在仍需面对枪口时，当局才会推动痛苦的劳动力和产品市场改革并追求必要的财政整合以争取投资者的信心。如果欧洲央行购买它们的债券，各国政府就可以无视市场压力。