The longer-term refinancing operations launched by the European Central Bank in December have relieved the liquidity problems of European banks, but not the financing disadvantage of the highly indebted member states. Since high-risk premiums on government bonds endanger banks’ capital adequacy, half a solution is not enough. It leaves half the eurozone relegated to the status of developing countries that became highly indebted in a foreign currency. Instead of the International Monetary Fund, Germany is acting as the taskmaster imposing fiscal discipline. This will generate tensions that could destroy the European Union.
歐洲央行(ECB)去年12月份實施的長期再融資操作(LTRO)緩解了歐洲銀行的流動性問題，但沒有解決負債累累的歐元區成員國的融資問題。由於政府債券的高風險溢價危及到銀行的資本充足性，這種只解決一半問題的舉措是不夠的。它讓半數的歐元區國家落入有如外債高築的發展中國家的處境。現在是德國、而非國際貨幣基金組織(IMF)在充當敦促各國遵守財政紀律的「工頭」。這將會造成可能葬送歐盟(EU)的緊張局勢。