This is precisely what happened in September, when the financial crisis made it impossible for the ECB to proceed with the interest-rate hike that it had “announced” in August. Code word communications, which only work in a stable and crisis-free economic and financial environment, had damaged ECB credibility.
这恰恰是九月份发生的情况。当时的金融危机使得ECB不可能实行其在八月“宣布”升息。只有在稳定和无危机的经济和金融环境中才有效的暗语通信已经损害了ECB的公信力。