Exchange-rate uncertainty would reappear, not only between the two euros, but also, before long, within the “northern” and “southern” zones, owing to the collapse of confidence in the very idea of a currency union. Within the northern bloc, Germany would play an even more outsize role than it does now, a situation that would likely generate new tensions.
在这样一个欧元区中，欧洲央行也必须分裂，北欧元将会升值。汇率不确定性将重新出现，不仅存在于两种欧元之间，不久也将存在于“北”和“南”区域之间，因为人们对货币联盟这一思想的信心已经崩塌。在北欧元区，德国将扮演比现在还要重要的角色，这一局面可能制造新的紧张。