In deciding its next move – whether to initiate more bond purchases, lower interest rates even further, or do both – the ECB must recognize that any positive impact on demand probably will be limited to the eurozone’s weaker economies – that is, the economies that can least afford it. This is a high-risk move, one that is probably not justified by the effort to bring price increases a few dozen basis points closer to the ECB’s target.
在决定下一步行动前——是否发起更多的债券购买计划，进一步降低利率，或者双管齐下——欧洲央行必须认识到，任何对需求的积极影响都可能仅限于欧元区较弱的经济体——也就是至少有能力偿付的经济体。这是一个高风险的举动，可能会与使价格向着欧洲央行的目标增加几十个基点的努力背道而驰。