MILAN – Last summer, after two years of growing uncertainty, systemic risk in the eurozone finally began to wane, as conditional commitments came together. Italy and Spain offered credible fiscal and growth-oriented reforms, and the European Central Bank, with Germany’s backing, promised intervention as needed to stabilize the banking sector and sovereign-debt markets.
发自米兰——在持续了两年的游移不定以及多种有条件承诺的共同作用之下，欧元区的系统性风险终于开始有所降低。意大利和西班牙实施了可靠的财政增长型改革，此外欧洲央行在德国的支持下承诺会在有需要的情况下出手稳定银行部门和主权债务市场。