The states are not regulated by the federal government; they are disciplined by the knowledge that no one will repay their debts for them. And the system seems to work: entering the crisis, US states had significantly lower deficit and debt ratios than the eurozone’s vulnerable member states.
在美国，各州对其财政管理负责，不需遵守单一的总模式。各州不受联邦政府监管；它们受没人会为它们的债务买单这一认识的约束。这一制度运转良好：与欧元区的脆弱成员国相比，进入危机后，美国各州大幅降低了赤字和债务率。