The euro crisis is not over, but one important shift has taken place. The policy debate has concluded. The decision not to set up a common backstop for the eurozone’s banks has closed the last window for any form of debt mutualisation as a tool of crisis resolution. All of the adjustment will take place through austerity and price deflation in the periphery. Most of the adjustment still lies ahead. Furthermore, it has been decided that debt burdens will be reduced by paying them off – not by inflation, default or debt forgiveness.
歐元危機並未結束，但已發生一個重要轉變。政策辯論已經結束。不會爲歐元區銀行設立一套統一的保障體系的決定，徹底打消了利用任何形式的債務共擔機制來解決危機的想法。所有調整將通過外圍國家的緊縮和價格通縮來完成。大部分調整仍未進行。此外，各方已經決定，減輕債務負擔的方式是償還債務，而不是通膨、違約或債務免除。
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