But the eurozone’s architecture – in which monetary policy is centralized, but budgetary and economic policies are left up to individual governments – is not viable in the long term. Although Europe’s leaders have made some progress on institutional reform, the measures taken so far will not lead to real convergence of economic and budgetary policies, or to genuine economic union.
但欧元区的基础制度——货币政策集中，但预算和经济政策仍有各国政府自行决定——从长期看是不可行的。尽管欧洲领导人在制度改革方面取得了一定进步，但目前所采取的措施无法形成经济和预算政策的真正趋同，也无法产生真正的经济联盟。因此，金融市场无法安心。