The problem is that following through on that threat would severely test the ECB’s commitment to do whatever it takes. After all, if markets truly believed that the ECB would refuse to backstop errant governments, investors would run away from participating countries at the first sign that conditionality was not being met.
问题在于，完成这一威胁将严峻地考验欧洲央行尽其所能的承诺。毕竟，如果市场真的认为欧洲央行将拒绝支持行为不当的政府，投资者会在一国无法满足条件的信号刚刚显露时就不再参与它。