无期限欧洲央行行动的反对者认为意大利和西班牙的借贷成本实际上并不高：利率水平只是回到了欧元引入前后的状态，当时，投资者可以对如今共用欧元的国家恰当地予以区分。
Opponents of open-ended ECB action argue that Italian and Spanish borrowing costs are not actually that high: interest rates have merely returned to levels seen in the run-up to the introduction of the euro, when investors distinguished properly between the countries that now share the euro.