In the early 1990’s, policymakers, market participants, and economists alike simply assumed that the European Community’s “1992 program” – the legislative framework for the single market, and thus for a single capital market – would create a new reality, within which the single currency would work its magic. From this followed an official obligation to treat all types of risk in the monetary union – bank risk or government risk – as identical.
金本位的第二个教训是资本市场一体化的程度边界。20世纪90年代初，决策者、市场参与者和经济学家均认为欧共体的“1992计划”——即单一市场、进而是单一资本市场的法律框架——将创造一个新现实，在单一市场中，单一货币将收到奇效。由此带来的一个正式义务是对货币联盟中所有类型的风险一视同仁，不管是银行风险还是政府风险，统统没有区别。