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.
欧洲央行(ECB)去年12月份实施的长期再融资操作(LTRO)缓解了欧洲银行的流动性问题，但没有解决负债累累的欧元区成员国的融资问题。由于政府债券的高风险溢价危及到银行的资本充足性，这种只解决一半问题的举措是不够的。它让半数的欧元区国家落入有如外债高筑的发展manbetx3.0 家的处境。现在是德国、而非国际货币基金组织(IMF)在充当敦促各国遵守财政纪律的“工头”。这将会造成可能葬送欧盟(EU)的紧张局势。