Against this backdrop, institutional investors self-insured – quite rationally – against a eurozone breakup by withdrawing behind safer borders. With fiscal policy incapable of responding, the ECB was stuck with a second intermediation role: mitigating with its Target2 system the effects of European financial markets re-segmenting along national lines.
针对这一背景，机构投资者通过将资金撤到安全线以外实现自我保护，这相当理性。由于财政政策无法响应，欧洲央行无法摆脱第二个中介角色：用其Target2系统中和欧洲金融市场按国境线再次分裂的效应。这是纯粹的财政支配。