Without the additional money that GIPS central banks created in excess of their countries’ requirements for internal circulation, trade deficits could not have been sustained, and the GIPS’ commercial banks would have been unable to prop up asset prices (which all too often were those of government bonds).
Les énormes déficits courants des GIPS – et l’exode massif de capital en provenance d’Irlande, en particulier – n’auraient pas été possibles sans le financement de la BCE.