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.
欧元区的不幸是，一旦欧洲央行(ECB)开始行动，政府就变得自满。去年，欧洲央行为银行体系注资1万亿欧元，危机解决进程便立即停滞，从中我们看到了这种自满。在如今的西班牙也能看到这种情绪——首相马里亚诺•拉霍伊(Mariano Rajoy)拒绝为一项全盘纾困计划提出正式申请。债券息差的回落解除了压力。
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