They are facing the argument that the United States’ monetary union works much better because there is a large federal budget to smooth the impact of asymmetric shocks – that is, shocks to individual states. The eurozone, it is claimed, should have its own budget to provide similarly automatic insurance to its members.
它们面临着这样的观点：美国货币联盟运转得比欧洲好得多，这是因为美国有一个大的联邦预算平滑不对称冲击（即针对个别州的冲击）。根据这一观点，欧元区应该有自己的预算向成员国提供类似的自动保险。