Last week Mario Draghi, president of the European Central Bank, issued an indirect challenge to banks by firmly committing the ECB to eliminating risk premia reflecting “convertibility risk” – the fear that the euro might disintegrate into smaller currencies. The scale of that task is clear from how banks are not only limiting new lending to stressed eurozone countries, but – as US banks are reported to do – tweaking derivatives contracts to protect their claims in case of a euro break-up.
欧洲央行(ECB)行长马里奥•德拉吉(Mario Draghi)最近向银行业间接发起挑战。他态度坚决地承诺，欧洲央行将采取措施消除反映“可兑换性风险”（市场担心欧元区可能瓦解为若干个较小的货币区）的风险溢价。这项任务的难度之大从银行业当前采取的举措中可见一斑。银行不仅开始限制对陷入困境的欧元区国家的新增贷款规模，而且还在调整所持衍生品合约的内容、以在欧元区解体时保护自身利益——有报道称，美国的银行就正在这么做。
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