Short of full fiscal unification – or a variant of it in the form of eurozone bonds – this increase in official resources would occur through a much-enlarged European Financial Stability Facility and a much greater commitment by the European Central Bank to long-term bond purchases and liquidity operations to support banks. Since quasi-fiscal union implies that the eurozone’s core economies could end up systematically bailing out those on the periphery, only a formal loss of fiscal sovereignty – a credible commitment by the peripheral countries to medium- and long-term fiscal discipline – could overcome the current political resistance of Germany and others.
鉴于财政没有完全统一，也没有欧元区债券等替代形式，要增加官方资源可以通过大规模扩充欧洲金融稳定基金（European Financial Stability Facility）或由欧洲央行增持长期债、增加流动性操作等等方式来实现。由于准财政联盟意味着，欧元区核心经济体最终可能不得不系统性地帮边缘经济体脱困，只有边缘国家正式让渡部分财政主权——承诺严守中长期财政纪律——才能克服德国和其他核心国家目前的政治阻力。