It is not too late to turn this proposal into a political declaration that outlines not only the long-term goal of a political union, but also a road map toward a fiscal and banking union. Guided by this declaration, the eurozone’s financial-rescue fund, the European Stability Mechanism (ESM), could immediately take over the ECB’s holdings of Greek bonds; the ECB could start accumulating Spanish and Italian bonds; and Italy and Spain could implement the structural reforms needed to qualify for the Debt Redemption Fund.
将这一方案转变为给出兼具长期政治联盟目标和财政及银行联盟路线图的政治宣言还为时未晚。在该宣言的指引下，欧元区财政援助基金，即欧洲稳定机制（ESM）可以立刻接管欧洲央行所持有的希腊债券；欧洲央行可以开始买入西班牙和意大利债券；而意大利和西班牙可以实施满足偿债基金条件所要求的结构性改革。