When a country gives up its monetary sovereignty, its banks are effectively borrowing in a foreign currency, making them exceptionally vulnerable to liquidity shocks, like that which sparked turmoil in Europe’s banking system in 2010-2011. The government, unable to print money to bail out the banks or increase export competitiveness through currency devaluation, is left with only two options: default or deflation (austerity).
为什么会这样？原因很简单。当一国放弃其货币主权时，其银行实际上用外币借款，这让它们极易受到流动性冲击，比如2010—2011年引起欧洲银行系统大动荡的那种。政府无法印钱援助银行或通过货币贬值增加出口竞争力，于是只有两个选择：违约或通缩（紧缩）。