Why is Spain paying higher interest rates on its government debt than the UK? The answer to this question is illuminating: membership of a currency union makes a country fiscally fragile. This is inherent in the construction: members are neither sovereign states nor components of a federation. The big challenge for the eurozone is to resolve this contradiction.
为什么西班牙政府债务支付的利率水平高于英国？这个问题的答案具有启迪意义——加入货币联盟，会让一个国家在财政上变得脆弱。这是联盟的结构所决定的——其成员既不完全独立自主，也不是一种联邦制度的组成部分。如何解决这一矛盾，是欧元区面临的一大挑战。
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