If Germany refuses to take a more reasoned approach, it risks undermining the ECB’s credibility, thereby reducing the effectiveness of its measures. If that happens, the ECB may well be compelled to initiate large-scale purchases of eurozone government bonds through its so-called “outright monetary transactions” scheme – a plan that many German policymakers and economists staunchly oppose.
如果德国拒绝去采取一个更加为合理的手段，就可能会损害欧洲央行的信誉，并削弱后者未来政策手段的效果。一旦出现这种情况，欧洲央行可能不得不通过自身所谓的“直接货币交易”计划来大规模购入欧元区各国政府债券——而该计划正是许多德国政策制定者和经济学家坚决反对的。