Finally, a less well-recognized insight from the euro-crisis concerns the role and impact of a currency union’s dominant members. It is often argued that the United States, as the major reserve-currency issuer, enjoys what then French Finance Minister Valéry Giscard d’Estaing famously called in the 1960’s an “exorbitant privilege,” in the form of lower borrowing costs (a benefit estimated to be worth as much as 80 basis points).
最后还有一个不被人重视的欧元危机教训，即货币联盟主导成员的角色和影响。人们常说，美国作为主要储备货币发行者享受着时任法国财政部长德斯坦20世纪60年代的名言——“过分特权”，即更低的借贷成本（据估计，这一好处大约相当于80个基点）。