Returning the eurozone’s peripheral economies to the path of growth requires more than structural reforms and fiscal consolidation. It also requires a substantial reform of the monetary union’s system of economic governance, aimed at restoring financial stability and lowering borrowing costs, together with a boost in external demand in order to compensate for the effects of austerity.
要让欧元区外围国回归增长之路，光有结构性改革和财政整合是不够的。欧元区经济治理制度也必须有彻底的改革，其目标应是重塑金融稳定、降低借贷利率，同时提振外部需求以补偿紧缩措施带来的后果。