Second, while the ECB’s actions have reduced tail risks in the eurozone – a Greek exit and/or loss of market access for Italy and Spain – the monetary union’s fundamental problems have not been resolved. Together with political uncertainty, they will re-emerge with full force in the second half of the year.
其次，虽然欧洲央行的行动减少了欧元区尾部风险——希腊的退出以及意大利和西班牙丢失市场准入权的丧失——货币联盟的根本问题并未解决。加上政治上的不确定性，这些问题都将会在今年下半年全面重新凸显出来。