It has been the eurozone’s misfortune that governments become complacent the very minute the European Central Bank starts to act. We saw it last year when the ECB injected €1tn into the banking system, and when the crisis resolution process immediately stalled. You see it now in Spain, where Mariano Rajoy is refusing to make a formal application for a full rescue programme. The fall in bond spreads has taken the pressure away.
歐元區(qū)的不幸是，一旦歐洲央行(ECB)開始行動，政府就變得自滿。去年，歐洲央行為銀行體系注資1萬億歐元，危機解決進程便立即停滯，從中我們看到了這種自滿。在如今的西班牙也能看到這種情緒——首相馬里亞諾?拉霍伊(Mariano Rajoy)拒絕為一項全盤紓困計劃提出正式申請。債券息差的回落解除了壓力。
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