But, while this approach could work in the US, the European Central Bank is institutionally constrained from raising the inflation target. Although its pledge last August to purchase unlimited quantities of short-term government debt has calmed markets, activation of the ECB’s “outright monetary transactions” program is conditional on continued fiscal retrenchment.
但是，尽管这一方法可能在美国奏效，但欧洲央行存在制度性约束，无法提高通胀目标。尽管去年8月欧洲央行通过承诺购买无限量短期政府债务稳定了市场，但激活欧洲央行的“直接货币交易”计划必须以持续财政紧缩为条件。因此，欧元区危机经济体无法增长。