觀點歐元區

The worst of the euro crisis is yet to come
歐元危機還會更糟


FT專欄作家明肖:歐元區各國政府仍未認識到,經濟低迷帶來了生死存亡的威脅。如果歐洲央行不扭轉經濟頹勢,歐元區危機將變得更加嚴重。

The most disturbing aspect of the eurozone right now is that every crisis resolution strategy depends on a moderately strong economic recovery. The Greek programme was in trouble when it was agreed six weeks ago. All the official forecasts were wrong. The country is in depression, and its debt dynamic is “out of control”, says its new fiscal council. In Italy, the central bank is concerned that the country’s austerity programme was having recessionary effects.

眼下歐元區最令人不安的一個問題是,每一項危機解決戰略都有賴於適度強勁的經濟復甦。希臘紓困方案在六週前達成一致之際就陷入了困境。所有的官方預測都是錯誤的。希臘新的財政委員會表示,該國正陷入衰退,其債務形勢已經「失控」。義大利央行則擔心,該國的緊縮計劃正導致衰退。

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