Once the first two elements of the plan are in place, there should be little need for the third – bond purchases by the ECB in the secondary market in order to narrow interest-rate spreads and provide further confidence. Indeed, if the ECB intends to claim preferred-creditor status for any bonds that it buys, it is probably best that it buy very few.
当解决方案的前两大要素具备后，第三大要素——欧洲央行在二级市场购买债券以缩小利差并提供更多的信心——是否具备已经无关紧要了。事实上，如果欧洲央行欲使其所买入的债券拥有优先债权地位，那么它最好不要大量买入。当然，欧洲央行将不得不继续向银行提供支持，直到市场对它们所持有的债券恢复信心。