The stock of overall Target credit that the ECB system has drawn from the Bundesbank was around zero until mid-2007. By the end of September, it had climbed to €450 billion – in addition to the purchases of government bonds that the Bundesbank has been forced to make.
我们来还原一下目标信用大爆炸的慢镜头。截止2007年年中，欧洲央行系统从德国央行那里获得的目标信用总量为零。到今年9月底，这一数字已经上升到了4500亿欧元，这还不包括德国央行被迫买入的国债。