Why is Spain paying higher interest rates on its government debt than the UK? The answer to this question is illuminating: membership of a currency union makes a country fiscally fragile. This is inherent in the construction: members are neither sovereign states nor components of a federation. The big challenge for the eurozone is to resolve this contradiction.
爲什麼西班牙政府債務支付的利率水準高於英國?這個問題的答案具有啓迪意義——加入貨幣聯盟,會讓一個國家在財政上變得脆弱。這是聯盟的結構所決定的——其成員既不完全獨立自主,也不是一種聯邦制度的組成部分。如何解決這一矛盾,是歐元區面臨的一大挑戰。
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