The European Union’s Maastricht Treaty was designed to deal only with imbalances in the public sector; but, as it happened, the excesses in the banking sector were far worse. The euro’s introduction led to housing booms in countries like Spain and Ireland.
首先是银行体系。欧盟马斯特里赫特条约只能对付公共部门失衡，但事实证明银行部门发展过度的危害要大得多。欧元的引入导致了西班牙和爱尔兰等国的地产繁荣。欧元区银行成了全世界杠杆率最高的银行，也是在2008年金融危机中受创最重的银行。它们至今仍然急需保护，否则就难逃破产厄运。