If the eurozone is to save itself, it will have to face the real crisis: its banking sector. Far too much time has been spent on fiscal policy when the existential threat to the eurozone is the ongoing collapse of bank lending in the weak economies, as Gavyn Davies recognises. Yes, fiscal policy counts, but the debate commonly framed between “austerity” (more deficit reduction) and “growth” (more deficit spending) is a serious distraction to the survival of the currency union.
歐元區要想自救，就得面對真正的危機：銀行業領域的危機。正如加文•戴維斯(Gavyn Davies)所指出的，人們把太多時間花在了財政政策上，而歐元區面對的生死存亡威脅，其實是疲弱經濟體的銀行信貸持續崩潰。沒錯，財政政策很重要，但辯論通常被框定在「緊縮」（加大削減赤字）與「成長」（加大赤字支出）之間，這對貨幣聯盟的生存是一個嚴重干擾。
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