Unlike the US, Europe failed to recapitalise its biggest banks following the financial crisis of 2007-09. Instead, policy makers gambled that economic recovery would lift the profitability of financial institutions, enabling them to increase their capital buffers over time. It is now clear that this strategy has failed. The eurozone is in a new recession and the depressed share prices of many banks signal that they are in dismal health.
與美國不同，歐洲沒有在2007-09年金融危機後對該地區最大的銀行實施資本重組。相反，政策制定者打賭經濟復甦將提高金融機構的盈利能力，假以時日便能增強它們的資本緩衝。如今真相大白：這種戰略是失敗的。歐元區陷入新一輪衰退，多家銀行股價慘淡，表明它們的健康狀況不容樂觀。
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