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Joined-up thinking 以整体思维设计欧洲债券 Can a limited version of Eurobonds help solve theeuro crisis? 限制版的欧洲债券能否解决欧债危机? Anyone labouring under the illusion that the eurocrisis could be solved by liquidity provision fromthe European Central Bank , howevermunificent, has been disabused. By encouragingbanks to stock up on domestic government debt, the ECB s loans have reinforced thepernicious links between weak banks and weak governments. That connection is currentlyhurting Spain. Meanwhile, a German-inspired fiscal compact to insert public-debt brakesinto national laws does nothing to help countries such as Italy climb out of the debt pit. 人们曾经对欧洲央行抱有不切实际的想法，认为只要它增加流动性供给，欧债危机便能药到病除。但现实情况是，无论欧洲央行出手怎么慷慨大方，依然无法扭转局势。欧洲央行向银行业发放贷款，鼓励它们购买自己国家发行的政府债券。各国银行和政府本就已经虚弱不堪，上述做法更加加剧了二者之间的极为有害的联系。西班牙现在便深受这种毒害之苦。与此同时，德国发起的财政契约要求各国将控制公共债务水平的条款纳入本国法律中，这丝毫无益于西班牙这样深陷债务泥潭的国家获得救助。 | 
