The 1992 exchange-rate crisis then tipped the balance. Once Europe’s exchange-rate system blew up, the southerners’ argument that Europe could not afford to postpone creating the euro carried the day.
1992年的汇率危机随后打破了两派的平衡。一旦欧洲的汇率系统出了麻烦，南欧人那些认为欧洲无法推迟创立欧元的观点就占了上风。