Nonetheless, the ECB is right that it is faced with very different monetary conditions in different member states; indeed, the eurozone is akin to a badly working fixed-exchange-rate system, with all of the attendant risks. Ultimately, limiting the ECB to its conventional tool kit amounts to accepting the risk of a eurozone collapse.
尽管如此，欧洲央行是正确的：它在不同成员国面临截然不同的货币条件；事实上，欧元区就像是拙劣的固定汇率系统，存在固定汇率系统的所有风险。说到底，将欧洲央行限制在常规工具范围内不啻接受欧元区崩溃的风险。