A cyclical recovery is underway, supported by monetary easing for years to come and increasingly flexible fiscal rules. More risk sharing will start in the banking sector (with EU-wide deposit insurance up next), and eventually more ambitious proposals for a fiscal union will be adopted.
欧元区的黑暗中也有一丝曙光。受未来多年货币宽松和日益灵活的财政规则支持，周期性复苏已经开始。银行部门将开始更多的风险共担（下一步是泛欧盟存款保险机制），最终，宏大的财政联盟方案会被采纳。结构性改革——不管多么缓慢——将继续逐渐提振潜在和实际增长。