It should be reconstituted with far fewer members, including only countries that do not run persistent current-account deficits. Everything else that has been proposed to save the eurozone in its current form – a central treasury, a monetary authority that does more than target inflation, fiscal harmonization, a new treaty – is a political pipe dream.
从长期看，欧元区注定是一场失败的实验。欧元区应该重新组织，大大减少成员国数量，只包括不存在持久经常项目赤字的国家。其他所有旨在在当前框架内拯救欧元区的努力——中央财政部也好，不局限于通胀目标的货币当局也好，新条约也好——都只能是白日梦。