Since 1999, members of the European Monetary Union (EMU) have experienced a number of severe exogenous shocks: the rise in the price of a barrel of oil from around $10 to $150; the collapse of equity markets after the dot-com bubble imploded; the spreading risk of terrorism after the September 11, 2001, and two wars. Starting last summer, the breakdown of the market for US sub-prime mortgages triggered turbulence in financial markets, with no end in sight.
自从1999年以来，欧洲货币联盟（EMU）的成员国经历了一系列的外部打击：油价从每桶10美元左右上升到150美元；互联网泡沫破裂后股票市场的崩盘；2001年911事件后不断扩大的恐怖主义威胁以及两场战争。从去年夏天以来，美国次贷危机的市场的问题引起了金融市场的震荡，至今仍不见底部。