A special vehicle is required because the amounts that must be made available far exceed what IMF members can usually access, and it is only right that if the eurozone seeks such amounts for its members, it should bear a significant portion of any potential losses. At the same time, the Fund’s capital resources would back the vehicle if the first-loss buffer provided by the eurozone were eroded; that way, the market would understand that strength from outside the eurozone can be brought to bear.
之所以需要成立特殊机构，是因为所要求的资金数量远远超过了IMF成员国通常可以获得的规模，同时，要让该机构具有合理性，就必须如此安排：如果欧元区想要设法让其成员国得到如此数量的资金，它就必须承受潜在损失的一大部分。与此同时，如果由欧元区提供的第一损失缓冲告罄，IMF的资本资源将继续支持NAV；这样一来，市场就会明白，欧元区以外的力量也能够被调动起来。