Critics of European monetary integration often point out that, in the absence of political union, monetary union is doomed to fail. I agree with the critics’ conclusion, but not with their premise, for the success of the single currency so far has been due precisely to the political commitments of the Union’s member countries.
欧洲货币一体化的评论家们通常指出，在缺乏政治一体化的条件下，货币一体化注定要失败。我同意评论家们的结论，但却不能苟同他们的假定前提，因为目前为止，与单一货币的成功休戚相关的正是欧盟成员国的政治义务。