The muddle-through scenario – with financing provided to member states in distress (conditional on fiscal adjustment and structural reforms), in the hope that they are illiquid but solvent – is an unstable disequilibrium. Indeed, it could lead to the disorderly breakup scenario if institutional reforms and other policies leading to closer integration and restoration of growth in the eurozone’s periphery are not implemented soon.
蒙混过关——向困境中的成员国提供融资，附带财政调整和结构改革等条件，寄希望于它们仅仅是周转困难而非无力偿债——只是一种不稳定非均衡状态。说真的，如果体制改革和其他政策不能加强一体化程度，并很快恢复欧元区边缘国家的经济增长势头，这种非均衡状态就会转变为无序的分崩离析。