The world’s inability to shake off the economic downturn and contagion in Italy has changed the nature of the eurozone crisis. What was once a debt problem of small peripheral countries is now threatening the euro’s existence. Europe’s leaders did not see this coming. They failed to recapitalise their banking system sufficiently. And when they designed the European financial stability facility, they created a mechanism suitable only for small countries. Their strategy has come unstuck.
世界无力避免manbetx20客户端下载 下滑,也无力避免危机蔓延到意大利,这使得欧元区危机的性质发生了改变。原先,它只是欧元区外围小国的债务问题;如今,它却对欧元的生存构成了威胁。欧洲领导人对此浑然不觉。他们未能对欧洲银行业体系进行充分的资本重组。他们设计的欧洲金融稳定安排(EFSF)机制,只适用于小国。他们的战略已经失败。