At first, the eurozone seemed to function like a true currency union: capital-market integration was accelerated; cross-border activity increased; and the per capita income gap between member countries decreased. But, unlike in a complete currency union, such as that of the United States, eurozone members retained full financial sovereignty, meaning that they controlled all of the levers of macroeconomic policy.
首先，欧元区似乎如一个真正的货币联盟在运转：资本市场一体化加速；跨境活动增加；成员国之间人均GDP差距减小。但是，和完整的货币联盟（比如美国）不同，欧元区成员国保留了完整的财政主权，这意味着它们控制着所有的宏观经济政策决定权。