The problem with debt restructuring in the eurozone is that it is essential and, at the same time, inconsistent with the implicit constitution underpinning the monetary union. When economics clashes with an institution’s rules, policymakers must either find creative ways to amend the rules or watch their creation collapse.
欧元区债务重组存在的问题是它很重要，与此同时，它与作为货币联盟基础的隐含宪法不一致。当经济考量与一套制度的规则冲突时，决策者必须要么找出创新方法修改规则，要么眼睁睁看着他们创造出来的东西轰然倒塌。