To be sure, the introduction of the euro was a true revolution, and we cannot yet see all its effects. But what is clear is that the revolution took place on shaky national economic foundations, transforming the upper floors of the European economy – financial markets and macroeconomic policy institutions – while leaving intact the ancien underpinnings of supply-side distortions induced by misguided national policies in the 1970’s and 1980’s.
可以肯定的是，欧元的引入是一次真正意义的革命，我们现在还无法看到它所有的效果。但有一点是十分清楚的：这次革命是在脆弱的国家经济基础之上发生的，它所改革的是欧洲经济的上层建筑¾金融市场和宏观经济制度¾而保留了20世纪七八十年代错误的国家政策所造成供应经济扭曲的原有基础。