The capacity for continuing this policy will soon be depleted, as the central-bank money flowing from the GIPS countries to the core countries of the eurozone increasingly crowds out the money created through refinancing operations there. If this continues for two more years as it has for the past three, the stock of refinancing loans in Germany will disappear altogether.
这一政策持续实施的空间已经快要告罄了，因为从四猪国流向欧元区核心国的欧洲央行货币流正在挤出通过在四猪国进行的再融资操作所创造的货币。这一状况已经持续了三年，如果再持续两年，那么德国的再融资贷款存量将消耗殆尽。