So how is it that the euro is trading at a 40% premium to the US dollar, even as investors continue to view southern European government debt with great skepticism? I can think of one very good reason why the euro needs to fall, and six not-so-convincing reasons why it should remain stable or appreciate.
那么，既然投资者仍对南欧政府债务充满疑虑，为何欧元对美元仍有40%的溢价？在我看来，欧元必须下跌这一观点有一个非常充分的理由，而欧元应该维持稳定甚至升值有六个不那么令人信服的理由。让我们从欧元为何必须下跌开始。