Indeed, the no-bailout clause in Article 103 of the EU Treaty – according to which neither the European Central Bank, the EU, nor national governments “shall […]amp#160; be liable for or assume the commitments” for other national governments – has lost its credibility. The political and economic costs of letting a fellow member government fail are simply too high in the closely interconnected EMU.
事实上，欧盟条约第103 条的不援助条款—即无论是欧洲央行，欧盟还是各国政府都将不“负责，或承担”其他国家政府的责任—已经失去了可信力。对于成员相互连接紧密的欧洲货币联盟而言，让一个伙伴成员国的政府破产的政治和经济成本实在太高。