摘要：At present, Europe pursues four different approaches
to contain the debt crisis. First, countries with excessive
ratios of debt to GDP are to implement policy
reforms that – in the medium term – should reduce
their debts. Second, a leveraged version of the
European Financial Stability Fund (EFSF) has been
set up. It is supposed to provide liquidity to Italy and
Spain for at least a few months should their refinancing
conditions deteriorate further. Third, the
European banking authority (EBA) is pushing banks
to increase their capital ratios as early as 2012.
Fourth, the ECB is continuing to buy government
bonds on the secondary market in order to lower their
interest rates and maintain their liquidity
