In view of the insufficient balance-sheet corrections in the private sector and inadequate structural reforms, macroeconomic demand-management tools will not work. Despite the ECB’s aggressive approach, monetary policy in the absence of structural economic reform risks being ineffective.
欧洲央行正在朝着未知领域越走越远。从私人部门资产负债表修正不充分和结构性改革不足的观点看，宏观经济需求管理工具是无效的。尽管欧洲央行采取了积极政策，但没有结构型经济改革，货币政策也可能毫无效果。