Even so, the threat to financial stability is possibly even graver today than it was in 2008, as the capacity of Western European governments to backstop banking systems is clearly reaching its limits. Allowing foreign banks’ subsidiaries to become orphaned amid a worsening crisis in home countries would undermine confidence in emerging Europe’s financial systems, which could trigger asset-price declines and precipitous contractions in credit.
尽管如此，今日的金融稳定性威胁比2008年更大，因为西欧各国政府支持银行体系的能力显然已经达到了极限。外国银行支行因其母国危机深化而成为孤儿将损害新兴欧洲银行体系的信心，从而引发资产价格下跌和信用急剧紧缩。最终，西欧银行也将受到影响，因为它们与新兴欧洲有着千丝万缕的金融和真实联系。