Sadly, the eurozone’s uncertain future will continue to cast a huge shadow over the global economy next year. Surely there are other concerns, including the risk of a not-so-soft landing in China, of pre-electoral paralysis in the US, and of a large, unexpected geopolitical shock. Even in the most benign scenario, the massive overhang of global public and private debt will hinder any robust recovery in the advanced economies. But the eurozone remains far and away the greatest source of vulnerability.
遺憾的是,歐元區不確定的未來今年將繼續給全球經濟投下巨大的陰影。的確,還有一些其它方面的擔憂,包括中國可能出現不那麼「軟」的著陸、美國陷入大選前的癱瘓,以及意料之外的重大地緣政治衝擊。即便按照最樂觀的假設,全球鉅額公共和私人債務仍將阻礙發達經濟體的任何強勁復甦。但歐元區仍是脆弱性的最大來源。