One problem is architectural: any banking union is only as strong as its weakest component. What matters for markets is not what happens in normal times, or even what happens when uncertainty and volatility rise; what markets care about are possible scenarios in truly adverse conditions.
其中之一是结构设计问题：银行联盟的强度取决于最弱的一环。掀起市场波澜的不是正常时期的状况，甚至不是不确定性和波动性上升的时期；而是引起真正不利情景的可能状态。