The European periphery would have benefited from the same institutional advances in central banking as everyone else; but there is no particular reason to suppose that its political structures would have evolved in a radically different way. The public in the southern countries embraced the euro precisely because the northern countries’ commitment to price stability gave them a currency with enormous anti-inflation credibility.
最有可能的是，它们会在两者之间。欧洲外围国家将和其他人一样受益于中央银行制度的进步；但是没有特别的理由认为其政治结构会往一个完全不同的方向发展。南部国家的公众接受欧元正是因为北部国家对物价稳定的承诺给予了他们一个有着强大反通胀信誉的货币。