On the other hand, refusing to accept the growing consensus that fiscal union is the key to resolving the debt crisis exposes the eurozone, and Germany, to serious risks. Sticking to half-measures exacerbates markets’ impatience and provokes increasingly determined speculative attacks, not only on the weaker peripheral countries, but also on core AAA-rated countries – like France and, eventually, Germany itself – whose banking sectors hold large volumes of peripheral countries’ debt.
另一方面，拒绝接受人们日渐一致的观点——财政联盟是解决债务危机的关键——将使欧元区和德国面临重大风险。半死不活的政策将使市场变得不耐烦，也会激起早已准备就绪的投机袭击，不光疲软的外围国家要遭殃，核心的AAA国家如法国（最终还有德国自己）也脱不了干系——它们的银行部门持有着巨量的外围国家债务。