The annual meetings of the World Bank and International Monetary Fund over the weekend brought together frightened and angry people. The financial crisis that broke upon the world in August 2007 has entered a new and, in crucial respects, more dangerous phase. A positive feedback loop between banks and weak sovereigns is emerging, with a potentially calamitous effect on the eurozone and the global economy: the eurozone is no island. What makes this process particularly frightening is that weaker sovereigns are unable to cope on their own, while the eurozone has nobody in charge. The eurozone may lack the capacity to address the crisis.
上周末举行的世界银行(World Bank)和国际货币基金组织(IMF)年会上，恐慌的人们和愤怒的人们齐聚一堂。从2007年8月开始就困扰世界的金融危机，已经发展到了一个新的阶段，而且从许多重要方面来看，这个阶段都更加危险。一种恶性循环正在银行业与虚弱的主权国家之间形成，它可能会对欧元区和manbetx app苹果 manbetx20客户端下载 造成灾难性影响：欧元区可不是什么“孤岛”。这个过程尤其令人恐惧的是，较为弱小的主权国家无力独自应对危机，而整个欧元区却没有人出面负总责。欧元区或许缺少解决这场危机的能力。