Indeed, by putting a floor on the price of sovereign debt and any accompanying inflation, central-bank intervention would reduce the real value of the debt and facilitate repayment. Moreover, as the OMT announcement demonstrated, a credible promise to use monetary financing in the event of such a crisis can prevent it from arising in the first place – with no inflationary action required.
事实上，通过对主权债券的价格以及任何相伴随通胀设定一个底线，中央银行的介入可以减低债务和基础设施偿还款的实际价值。此外，正如“直接货币交易”声明所体现的那样，一个在发生这类危机的时候使用货币融资手段的可靠承诺可以在第一时间遏制危机升级——而无需任何通胀行为。