But, in a currency union with huge differences in income and development levels, the short term can stretch out for a very long time. Many Germans today rightly feel that any system of fiscal transfers will morph into a permanent feeding tube, much the way that northern Italy has been propping up southern Italy for the last century.
柯南主要关心的是短期转移可以平滑周期性起伏。但是，在一个收入和发展水平差异巨大的货币联盟中，“短期”所经历的时间可能非常长。许多德国人如今正确地感受到，任何财政转移系统都有可能兑变为持久的饲管，正如上个世纪意大利北部对意大利南部的不断输血。事实上，德国统一20多年来，西德仍然看不到统一的成本什么时候才是个头。