At the beginning of the 1990’s, when the majority of the European Union’s member states decided to form a monetary union with a common currency and a central bank, the idea of a central government lacked support. As a result, that phase of the monetary union’s construction was postponed, leaving an impressive edifice that lacked a strong foundation to ensure stability in times of crisis.
20世纪90年代初，欧盟多数成员国决定成立一个货币联盟，使用共同货币，由一家央行管理，但成立中央政府的思想并没有得到支持。结果，货币联盟建设的这一阶段被中止了，虽然建成了一幢耀眼的大厦，其根基却并不牢固，不足以在危机爆发时保证稳定性。货币主权成为了欧洲的共同事业，但执行它所需要的权力依然掌握在各国手中。