The GIPS’ enormous current-account deficits – and the massive exodus of capital from Ireland, in particular – would not have been possible without ECB financing. Without the additional money that GIPS central banks created in excess of their countries’ requirements for internal circulation, trade deficits could not have been sustained, and the GIPS’ commercial banks would have been unable to prop up asset prices (which all too often were those of government bonds).
四猪国巨大的经常项目赤字以及（特别是爱尔兰的）资本大逃亡在没有欧洲央行融资的情况下是不可能出现的。没有四猪国央行所创造的超出其国内流通要求的过剩货币，贸易赤字将无法持续，四猪国商业银行早已无法支撑资产（通常就是各自的国债）价格。