The euro crisis is not over, but one important shift has taken place. The policy debate has concluded. The decision not to set up a common backstop for the eurozone’s banks has closed the last window for any form of debt mutualisation as a tool of crisis resolution. All of the adjustment will take place through austerity and price deflation in the periphery. Most of the adjustment still lies ahead. Furthermore, it has been decided that debt burdens will be reduced by paying them off – not by inflation, default or debt forgiveness.
欧元危机并未结束，但已发生一个重要转变。政策辩论已经结束。不会为欧元区银行设立一套统一的保障体系的决定，彻底打消了利用任何形式的债务共担机制来解决危机的想法。所有调整将通过外围国家的紧缩和价格通缩来完成。大部分调整仍未进行。此外，各方已经决定，减轻债务负担的方式是偿还债务，而不是通胀、违约或债务免除。
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