Europe’s economy remains shackled by three problems – sovereign debt, the euro, and wobbly banks – despite several new policy backstops: the European Stability Mechanism (ESM); the European Central Bank’s easy-money policies and holdings of sovereign debt; and the ECB’s takeover in November of supervision of the 130 or so largest pan-eurozone banks. None of these reforms has been sufficient to restore the stronger growth that Europe desperately needs.
欧洲经济仍饱受三个问题困扰：主权债务、欧元和飘摇不定的银行——尽管欧盟已经有了不少新的政策支撑网：欧洲稳定机制（European Stability Mechanism，ESM）、欧洲央行的宽松货币政策和持有主权债务；以及11月欧洲央行接管了130家左右泛欧洲银行的监督权。所有这些改革都不足以重塑欧洲所急需的更强劲的增长。