Removing the risk of a euro implosion – which, given massive global imbalances, derivatives markets run amok, and the colossal scale of America’s budget deficit, could catalyze a major international crash – presupposes two fundamental changes in Europe. The first is political and involves sovereignty: Full European solidarity can be achieved only through stronger fiscal and monetary federalism, which would enable the eurozone to act, despite minority dissent.
考虑到全球的极端不平衡现象，腥风血雨的金融衍生品市场，以及美国的巨额预算赤字都可能引发一场全球性危机——解除欧元内部崩溃的风险意味着要在欧洲推行两场根本性的变革。其一是政治上的，与主权有关：欧洲的全面团结只能通过更强大的财政和货币联邦主义来实现，这能令欧元区在存在少数反对声音的情况下可以有所行动。欧洲在半个世纪以来一直都未能实现这一目标；如今他们已经别无选择，只能埋头前进。