Eurozone authorities may claim that a Greek exit no longer poses a systemic risk, given the introduction in recent years of various instruments for fighting financial crises, including government-backed rescue funds, a partial banking union, tougher fiscal controls, and the European Central Bank’s new role as lender of last resort. But a member’s exit would still indicate that the eurozone’s integrity is not guaranteed – a message that the markets are unlikely to miss.
欧元区当局声称有鉴于近年来引进各种工具来对抗金融危机，包括政府支持的救助基金，局部性银行联盟，强硬的财政控制，以及欧洲央行作为最后贷款人的新角色，因此希腊退出欧元区不再会构成系统性风险，。但某一成员国的退出仍会表明欧元区的完整性是无法保证的——市场自然也不会错过这一信息。