标题： 欧元体系漏洞的利用及其定量重构 显示英文标题

标题： Exploitation of Eurosystem Loopholes and Their Quantitative Reconstruction

摘要： 本文识别并分析了利用欧元体系金融机制的六大关键策略，并尝试进行了定量重建：夸大TARGET余额、利用抵押品互换后违约、稀释自我施加的监管规则、通过紧急流动性援助（ELA）发行货币、通过《净财务资产协议》（ANFA）促成的收购，以及主权债券作为抵押品的永久（再）发行。文章认为，这些做法源于欧元体系内的系统性漏洞或刻意的机会主义行为。尽管本文并不提倡非法活动，但它强调了现行结构中的重大缺陷，并得出结论，迫切需要进行全面改革。 显示英文摘要

摘要： This paper identifies and analyzes six key strategies used to exploit the Eurosystem's financial mechanisms, and attempts a quantitative reconstruction: inflating TARGET balances, leveraging collateral swaps followed by defaults, diluting self-imposed regulatory rules, issuing money through Emergency Liquidity Assistance (ELA), acquisitions facilitated via the Agreement on Net Financial Assets (ANFA), and the perpetual (re)issuance of sovereign bonds as collateral. The paper argues that these practices stem from systemic vulnerabilities or deliberate opportunism within the Eurosystem. While it does not advocate for illicit activities, the paper highlights significant weaknesses in the current structure and concludes that comprehensive reforms are urgently needed.