But prolonged inaction, induced by relative calm in financial markets, will perpetuate stagnation and eventually lead to a breakup of one sort or another. Either gradual attrition, with weaker countries defaulting, will lead to a more restricted German-led club of “virtuous” countries, or Germany itself will choose to pursue a policy of narrow fiscal advantage by seceding from the eurozone.
此外，尽管风险重重，但欧洲领导人令人惊讶地鲜有作为，这显然是吃了欧洲央行德拉吉的定心丸——他承诺“竭尽全力”保护货币联盟不会崩溃。但金融市场的相对冷静所导致的长时间不作为会让停滞长久化，最终形成某种形式的崩溃。要么逐渐深化的摩擦以及疲软国的违约导致形成德国领导的“优等”国家俱乐部；要么德国本身选择通过脱离欧元区缩小财政优势的政策。