Germany and the other countries of the eurozone core are signaling that debt mutualization within the monetary union is out of the question, and that bailouts of countries or financial institutions will be balanced by “bail-ins” of their creditors. Increased uncertainty concerning the safety of deposits will push up interest rates and deepen Europe’s recession, and may also trigger capital outflows from the eurozone’s weaker peripheral economies to the core.
德国和其他欧元区核心国放出的信号是，欧元区内部债务共同化绝无可能，对国家和金融机构的援助（bailout）必须由其债权人的“自救”（bail-in）来平衡。存款安全的日益不确定将推高利率、加深欧洲衰退，可能还会导致资本从欧元区疲软外围国流出，流向核心国。