We know that the structure of the eurozone encourages divergence, not convergence: as capital and talented people leave crisis-hit economies, these countries become less able to repay their debts. As markets grasp that a vicious downward spiral is structurally embedded in the euro, the consequences for the next crisis become profound.
在欧洲，我们已经能够看到监管不力和欧元区本身设计缺陷所带来的部分后果。我们知道，欧元区的结果鼓励分化而非趋同：随着资本和人才离开受危机影响的经济体，这些国家更加无法偿还债务。随着市场发现欧元在结构上出现了恶性循环，下一场危机的后果就会变得十分深远。而另一场危机是不可避免的：这是资本主义的天然性质。