BERKELEY – The first two components of the euro crisis – a banking crisis that resulted from excessive leverage in both the public and private sectors, followed by a sharp fall in confidence in eurozone governments – have been addressed successfully, or at least partly so. But that leaves the third, longest-term, and most dangerous factor underlying the crisis: the structural imbalance between the eurozone’s north and south.
伯克利——我们已经成功渡过、或者至少在一定程度上成功渡过了欧元危机的前两个阶段——因为公共和私营部门过度杠杆化而导致的银行业危机，以及对欧元区政府信心的急剧丧失。但接下来我们就不得不面对此次危机中时间最长也最危险的第三项因素：那就是欧元区南部和北部国家的结构性失衡。