The European Central Bank has played a crucial role in preventing a worst-case scenario, but the obvious lacuna in Europe’s economic and monetary union (EMU) remains: EMU established only a monetary union and largely omitted the economic union that has proven so closely linked to the euro’s strengths and weaknesses.
虽然欧洲央行在阻止形势恶化上发挥了重要的作用，但欧洲经济和货币联盟（简称EMU）的明显缺陷依然存在：EMU仅仅建立了一个货币联盟，却在很大程度上忽略了建立经济联盟的重要性，而后者已被证明是与欧元的优缺点紧密相连在一起的。