Pushing up asset prices and pushing down the euro’s exchange rate will require the ECB to buy bonds on the secondary market – not the crisis countries’ bonds per se, but those of all eurozone members. In other words, it will require quantitative easing.
光削减利率是不够的。推高资产价格、压制欧元汇率要求欧洲央行从二级市场中购买债券——不光是危机国债券，而是所有欧元区成员国债券。换句话说，这需要欧洲央行采取量化宽松。