The world’s inability to shake off the economic downturn and contagion in Italy has changed the nature of the eurozone crisis. What was once a debt problem of small peripheral countries is now threatening the euro’s existence. Europe’s leaders did not see this coming. They failed to recapitalise their banking system sufficiently. And when they designed the European financial stability facility, they created a mechanism suitable only for small countries. Their strategy has come unstuck.
世界無力避免經濟下滑，也無力避免危機蔓延到意大利，這使得歐元區危機的性質發生了改變。原先，它只是歐元區外圍小國的債務問題；如今，它卻對歐元的生存構成了威脅。歐洲領導人對此渾然不覺。他們未能對歐洲銀行業體系進行充分的資本重組。他們設計的歐洲金融穩定安排(EFSF)機制，只適用于小國。他們的戰略已經失敗。
您已閱讀9%（641字），剩余91%（6520字）包含更多重要信息，訂閱以繼續探索完整內容，并享受更多專屬服務。