But in the core of the eurozone – countries like Germany and the Netherlands – credit has been plentiful, and interest rates have been close to zero for some time, so there was never much chance that bond purchases would have a significant impact there. And, indeed, the European Commission’s most recent economic forecast shows that spending in the core countries has not increased as a result of the ECB’s policies;
更简易的信贷条款以及更低的利率本可通过刺激投资和消费需求以提振经济增长。但欧元区的核心——如德国荷兰等国——信贷已然充足，而利率已经相当一段时间接近于0，因此购买债券也不太可能产生显著的影响。而实际上欧盟委员会最新发表的经济预测报告就显示，核心国家的支出并未因欧洲央行的政策而增加；德国的外部顺差还在进一步增大。