If the eurozone is to save itself, it will have to face the real crisis: its banking sector. Far too much time has been spent on fiscal policy when the existential threat to the eurozone is the ongoing collapse of bank lending in the weak economies, as Gavyn Davies recognises. Yes, fiscal policy counts, but the debate commonly framed between “austerity” (more deficit reduction) and “growth” (more deficit spending) is a serious distraction to the survival of the currency union.
欧元区要想自救，就得面对真正的危机：银行业领域的危机。正如加文•戴维斯(Gavyn Davies)所指出的，人们把太多时间花在了财政政策上，而欧元区面对的生死存亡威胁，其实是疲弱manbetx20客户端下载 体的银行信贷持续崩溃。没错，财政政策很重要，但辩论通常被框定在“紧缩”（加大削减赤字）与“增长”（加大赤字支出）之间，这对货币联盟的生存是一个严重干扰。
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