The same result could be achieved, with less cost to Germany, if Germany chose to behave as a benevolent hegemon. That would mean implementing the proposed European banking union; establishing a more or less level playing field between debtor and creditor countries by establishing a Debt Reduction Fund, and eventually converting all debt into Eurobonds; and aiming at nominal GDP growth of up to 5%, so that Europe could grow its way out of excessive indebtedness.
如果德国选择充当一位仁慈的霸��，那么它可以付出较小的代价取得相同的结果。其中应当包括落实拟议中的欧洲银行联盟；成立减债基金为债权国和债务国创造相对公平的竞争环境，以及最终将所有债务转换成欧元债券的形式。此外还要设定名义国内生产总值5%的增长目标，这样欧洲就可以通过经济增长摆脱过度负债的困境。