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要点:
The bad news is that sterilized bond purchases would be no more effective than the ECB's failed bond-purchase program of 2010-11, which also was offset by other asset sales. And despite the expansion of the ECB's balance sheet -- which has doubled in size since the crisis began -- Darda points out money-supply and nominal gross domestic product growth have fallen far short of trend. That, he says, reflects an overly tight policy on the part of the ECB.
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