If these three steps – an ECB bond-buying program to hold down sovereign interest rates, concrete progress on establishing a real economic union, and realistic revision of current adjustment programs – could be achieved as a package, the resources that the ECB would need to use for its bond purchases would drop, because credibility would be restored. Even if there is further bad news for Europe – from Greece, for example, or from a sharper-than-expected slowdown in China – the eurozone could begin to move out of crisis mode this month.
如果这三个步骤——即欧洲央行控制主权利率的债券买入计划，建立真正经济联盟的具体进展以及对当前调整方案从实际出发的修改——能够最终一揽子实现，那么欧洲央行需要用于债券购买的资源将会下降，因为信誉将会有所恢复。即使将来欧洲还将面对更多的坏消息——比方说希腊问题，或者中国经济放缓的幅度超出预期——欧元区也可能从本月开始走出危机模式。