So far the liquidity of the European Central Bank (ECB) has kept the system alive.

迄今为止，欧洲央行的流动性一直维持着银行系统的生命。

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The only significant decline in the demand for oil and other commodities will come from Europe as we begin to see the European banking system implode due to exorbitant leverage and the ineptness of the European Central Bank and the IMF to solve the crisis.

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Against the backdrop of improving employment, accelerating U.S. economic growth and the resolution of the European debt crisis, we are witnessing massive injections of central bank liquidity into the global financial system.

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Analysts also said that the heavy demand at the auctions was helped by the amount of cash that the European Central Bank is injecting into the system.

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