Germany’s consent was needed to create Europe’s “banking union,” which entailed the transfer of supervisory powers to the European Central Bank and the creation of a common fund to resolve failing banks. And German resistance contributed to a delay in the ECB’s intervention in bond markets; when the ECB finally did launch its bond-buying program, it did so with Germany’s tacit approval.
建立欧洲“银行联盟”需要德国的首肯。银行联盟意味着向欧洲央行让渡监督权，并建立一个清算倒闭银行的共同基金。德国的抵制导致欧洲央行迟迟不能干预债券市场；最后欧洲央行终于启动了其债券购买计划，但也是在德国的默许下。