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欧洲正试图用一次解决一个问题的方法来应对欧元危机。这注定要失败。一个体系的稳固性不过是由其最弱部分决定的。增强这个链条上的某一环节只会暴露出另一环节的脆弱性。欧元区现在在太多方面都非常脆弱,以至于要想阻止这个单一货币瓦解,欧洲必须着手全盘重新设计整个体系。定于6月28日和29日举行的欧盟峰会将是对欧元区领导人的一次考验,看他们是否有能力做到这一点。唉,尽管一些有识之士正策划建立银行业联盟和对国债市场进行直接于预,但到目前为止的迹象表明这个任务还是超出了他们的能力范围。
Europe is trying to deal with the euro crisis with a solution to a problem. This is doomed to failure. The stability of a system is only determined by its weakest part. Strengthening one link in this chain will only reveal the other link’s vulnerability. The eurozone is now too vulnerable in so many ways that to prevent the single currency from collapsing, Europe must embark on a complete redesign of the system. The EU summit to be held on June 28 and 29 will be a test of the eurozone leaders to see if they can do that. Alas, despite the fact that some people of insight are planning a banking union and going directly to the bond market, so far the signs indicate that the task is beyond their reach.