If Europe had the same rules as the United States, where the Federal Reserve’s regional banks have to pay the Fed for any special money creation with securities collateralized in gold, they would not create this much supplementary money, and capital flight would be limited. Instead, local printing of money is essentially aiding and abetting the exodus.
如果欧洲能有如同美国那样的规则——地区联邦储备银行要创造货币，必须向美联储支付用黄金作为抵押的证券——那么它们就不会造出那么多额外的货币了，资本外逃也可以得到遏制。与此相反，地方央行的印钞行为本质上是在助长和加速资金外逃。