The eurozone is unique among currency areas: Its central bank lacks a state to support its decisions, while its member states lack a central bank to support them in difficult times. Europe’s leaders have tried to fill this institutional lacuna with complex, non-credible rules that often fail to bind, and that, despite this failure, end up suffocating member states in need.
欧元区是一个独特的货币区：其央行缺少一个支持其决定的国家，而其成员国缺少一个在困难时期支持它们的央行。欧洲领导人试图用复杂而不可信的规则修补这一制度缺陷，这套规则常常无法形成约束力，而尽管存在这一缺陷，它最终仍对有需要的成员国形成了巨大的制约。