Germany’s banks are leveraged at 32 times their assets. So, not only is bank recapitalization essential for financial stability, but so is a reformed euro, built on fiscal and monetary coordination and an enhanced role for the European Central Bank in supporting individual governments (not individual banks) as lender of last resort.
这一问题其实早已露出端倪。欧洲的银行部门债务额是美国的5倍，相当于GDP的345%。德国银行的资产杠杆比率高达32。因此金融稳定不仅需要银行进行财务重组，还需要一个重整的欧元，该货币一方面构建在财政和货币政策协调之上，另一方面则奠基于一个更有作为，足以在最后时刻贷款给单一国家政府（而非单一银行）的欧洲中央银行。