The necessary transfers are not being made to make the common currency bearable to regions that lose out and are already in recession when the ECB tightens policy. The institutional foundations of stable long-run fiscal policy are being eroded.
随着时间的推移，单一货币的实施和欧元使用的方式带来了越来越多的不安定因素。整个欧元区的总体政策过于通货紧缩。也没有进行必要的转让，以便使统一的货币能够在ECB执行紧缩政策时遭受损失、并已经陷入衰退的那些地区获得支持。稳定的长期财政政策的制度基础正在被侵蚀。目前，Buiter和Sibert令人信服地提出，ECB赋予市场奖励节约和处罚浪费的权力还远远不够。