It is hard to imagine that higher interest rates and reduced credit availability will not lead to distress for Europe’s overall economy. Yet this is exactly the stance of the European Central Bank, which is treating the euro zone as if its financial sector was somehow decoupled from the rest of the economy – and running a different monetary policy for each sector at the same time.
很难想象越来越高的利率以及信用可获得性的减少不会给欧洲整体的经济带来危机。但是这正是欧洲央行的立场，它的做法好像是把欧元区的金融业当成在某种程度上是与经济的其他行业脱藕的，并且在同一时间对各个行业实施不同的货币政策。