The shift to a single currency meant that the individual member countries lost the ability to control monetary policy and interest rates in order to respond to national economic conditions. It also meant that each country’s exchange rate could no longer respond to the cumulative effects of differences in productivity and global demand trends.
希腊危机和西班牙、葡萄牙的债务问题将欧元的内在漏洞暴露无遗。财政担保已无法粉饰太平———更不用说欧盟的口头承诺了。在平稳运行了11年之后，欧元制度的基本问题已显露无疑。