But Spain had a surplus and a low debt ratio before the crisis, and it, too, is in depression. What is needed is not structural reform within Greece and Spain so much as structural reform of the eurozone’s design and a fundamental rethinking of the policy frameworks that have resulted in the monetary union’s spectacularly bad performance.
那么，应该做些什么呢？首先，我们需要搞清楚，如果它是唯一一个三级马车的药方遭遇惨败的国家，那么它的麻烦完全是咎由自取。但西班牙在危机前存在盈余和低债务比率，而如今它也陷入了萧条。现在，与其说需要在希腊和西班牙内部采取结构改革，不如说欧元区的设计需要结构改革，并且还需要反思导致这一货币联盟表现如此拙劣的政策框架。