The sequencing problem is obvious: a commitment conditional on reform progress will not bring back private investors immediately, because it does not reduce the perceived risk of substantial political obstacles to implementing the necessary measures. Only bold and largely unconditional commitments by both the European Union and Italy can break this dangerous impasse.
由此带来的问题是显然的：以改革为条件的承诺不会立刻将私人投资者吸引回来，因为这无法降低存在妨碍必须措施实施的重大政治障碍的风险感知。唯有欧盟和意大利同时做出重大且无条件的承诺，才能打破这一危险的僵局。缺少任何一者，欧元区公共财政分崩离析和全球经济衰退的风险都不会有所减少。