Investors have been heading for the hills over the US Federal Reserve’s warning that it may soon rein in its ultra-loose monetary policy. They may be worrying about the wrong central bank. An exit from crisis-era measures will be tricky everywhere. But most central bankers and their political masters have a clear idea of what normality they wish to return to. Not so the European Central Bank. For the euro area, it could get ugly.
美聯儲警告不久可能會收縮其超寬松貨幣政策，投資者一直對此采取逃避態度。在所有央行中，他們應該擔憂的不是美聯儲。不管在什么地方，退出危機時期的措施都是棘手的。但大多數央行和他們的政治領導都十分清楚，他們希望回歸到什么樣的正常狀態。歐洲央行(ECB)卻不然。對歐元區來說，它可能會變得難堪。
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