But, by ceding that authority to an independent central bank, the eurozone’s members put themselves in the position of a developing country that has borrowed in foreign currency. Neither the authorities nor the markets recognized this prior to the crisis, attesting to the fallibility of both.
通常，发达国家不会违约，因为它们可以随时印刷钞票。但是，将这一主权让渡给独立央行导致欧元区成员国沦为借贷外币的发展中国家的地位。当局和市场在危机前都没有意识到这一点，这表明这两者都具有易错性（fallibility）。