It is time to face facts: markets are not just betting against the euro but testing the European project itself. Tuesday’s Franco-German summit showed that the more leaders repeat outdated nostrums – such as the impossibility of eurobonds – the less they are believed. The Merkel-Sarkozy proposals were an attempt to paper over differences (with Germanic prudence on eurobonds and debt ceilings balancing Gallic pressure for economic governance) and buy time, but the past few months have shown that this piecemeal approach will simply increase the cost of a long-term solution. To save itself, the European Union must stop seeking loopholes and attacking symptoms, and instead grapple seriously with its fundamental design faults.
是时候直面事实了：市场不只是在看空欧元，也在考验欧洲一体化计划本身。上周二的法德最高领导人会晤显示，领导人物越是重复那些过时的“灵丹妙药”——比如不可能发行欧元债券，他们的话就越没人信。默克尔(Merkel)和萨科齐(Sarkozy)提出的建议旨在掩盖分歧（德国对于欧元债券和债务上限的谨慎态度，平衡了法国在欧元区manbetx20客户端下载 治理问题上施加的压力）和赢得时间，但过去几个月的经验表明，这种零敲碎打的方式只能增加长远解决方案的成本。要想自救，欧盟(EU)必须停止查找漏洞和攻击表面病症，而是应当认真应对自身的根本设计缺陷。