Last year, with the ECB running out of tools to keep Europe’s troubled banks from precipitating a financial crisis, follow-up financing was agreed upon, and from 2013 onwards the European Stability Mechanism (ESM) is meant to take on that responsibility. This may relieve some pressure, but it only shifts the problem from the ECB bailout fund to the community of states.
去年，由于欧洲央行已没有工具能让欧洲受困银行摆脱金融危机冲击，欧洲各国达成了后续融资协议，从2013年开始，欧洲稳定性机制（ESM）将担起这一责任。这或许纾解了一定的压力，但只是把问题从欧洲央行援助基金转移到了国家社区头上。ESM必将严重拖累欧洲，因为援助贷款持续时间越长，四猪国的经常项目赤字问题就越顽固，它们的外部债务积累得就越多。最终，这些债务将无法持续。