If German banks drop out of the refinancing business, the European Central Bank will lose the direct control over the German economy that it used to have via its interest-rate policy. The main refinancing rate would then only be the rate at which the peripheral EU countries draw ECB money for purchases in the center of Europe, which ultimately would be the source of all the money circulating in the euro area.
事实上，德意志银行已经叫停了再融资操作。如果德资银行退出再融资业务，那么欧洲央行将失去其以往通过利率政策实现的对德国经济的直接控制。主要再融资利率将因此变为外围国家从中心国家获得欧洲央行货币的利率，而这笔货币最终将成为欧元区内所有流通货币的源泉。