As late as March 2010, Jean-Claude Trichet, then head of the ECB, boasted that simply belonging to the euro area automatically ensured balance-of-payments financing.

直到2010年三月份，欧洲央行行长让克劳德·特里谢还夸口说，这仅仅是欧元区确保收支平衡的自动机制。

youdao

And what looks like ECB emergency liquidity for periphery banks is just as much balance of payments financing for the entire economy - something that has previously tended to be provided by the IMF. ( I went into this distinction in greater depth a while ago).

BBC: Eurozone: No safe haven