Unlike the other three, the ECB has no direct institutional backing from the governments of the euro area should it incur losses as a result of extraordinary policies such as active QE.

• 然 而，在第二和第三种情况下，除非央行能够断定，失去了量化宽松的支持，经济复苏依然能够持续，否则就无法判断能否进行逆向操作。