While European leaders have repeatedly done what previously seemed unthinkable, their responses have been out of synch with markets. They have consistently underestimated their austerity programs’ adverse effects and overestimated the benefits of their institutional adjustments.
同样，普通的欧洲银行监管不足以阻拦受灾国资金不断出逃。欧洲需要的是一个充分的普通存款保险体系，但是北欧国家已表明近期无法实现。虽然欧洲领导人不断做出一些以前看来不可想象的举措，但他们的反应已经跟不上市场的步调。欧洲领导人始终低估了其紧缩政策的反作用而高估了体制调整的好处。