The eurozone’s current muddle-through approach is an unstable disequilibrium: kicking the can down the road, and throwing good money after bad, will not work. Either the eurozone moves toward a different equilibrium – greater economic, fiscal, and political integration, with policies that restore growth and competitiveness, including orderly debt restructurings and a weaker euro – or it will end up with disorderly defaults, banking crises, and eventually a break-up of the monetary union.
欧元区目前的拖延战术是一个不稳定均衡：把问题留到明天，为了坏钱仍好钱，不会有用的。欧元区要么走向一个不同的均衡——更高程度的经济、财政和政治一体化，促进增长和竞争力复苏的政策，包括债务重组和弱势欧元——要么它逃不过无序违约、银行危机和货币联盟最终阶梯的结局。