Indeed, Europe has overcome what could be described as the “original sin” of the single-currency project: the Maastricht Treaty’s prohibition of “monetary financing” of government deficits by the ECB and the related ban on mutual support by national governments of one another’s debt burdens. In January, ECB President Mario Draghi effectively sidestepped both obstacles by launching a program of quantitative easing so enormous that it will finance the entire deficits of all eurozone governments (now including Greece) and mutualize a significant proportion of their outstanding bonds.
事实上，欧洲已经克服了可称之为单一货币工程“原罪”的东西：马斯特里赫特条约禁止欧洲央行给政府赤字“货币融资”以及对国家政府共同支持彼此债务负担的禁令。1月，欧洲央行行长德拉吉事实上绕过了这两个障碍，实施了量化宽松方案，其规模之大足以为所有欧元区政府（现在也包括希腊）的全部赤字提供融资，并将它们未偿还债务的大部分共同化。