In the aftermath of the crisis, some policymakers are beginning to see that a monetary union is not necessarily identical with unfettered capital mobility. Recognition of diverse credit quality is a step back into the nineteenth-century world, and at the same time forward to a more market-oriented and less distorting currency policy.
新的抵押品要求与自主利率的口风试探一起，暗示了一个令人瞩目的创新萌芽。危机之后，一些决策者开始认为，货币联盟并不一定意味着无约束的资本流动。承认信用质量的多样性是退回19世纪一步，与此同时，也是迈向更多市场导向、更少扭曲的货币政策的一步。不同国家不同汇率或许是通往稳定欧元区之门。