The credibility of its pledge depends as much on what it will do (buy unlimited quantities of government bonds) as on what it will not do (buy them from countries that do not fulfill conditionality). Without a credible threat to cut off wayward sovereigns, the ECB’s pledge provides a free lunch to investors and governments alike.
尽管如此，仍需小心避免犯错。欧洲央行已经赢得了时间，但也提高了风险。其承诺的信誉在很大程度上取决于它会做什么（买入无限量政府债券），但也以同样的程度取决于它不会做什么（购买不满足条件的国家的债券）。没有对放任恣睢国家的可信威胁，欧洲央行就好比是在为投资者和政府提供免费午餐。