Precisely because of its historically strong manufacturing economy Germany has become less orientated to financial markets than others. This has led in turn to a certain deafness by political elites to the effect of Germany’s policies on global bond markets. Today, however, the reality is that bond markets will dictate not only whether the euro will survive – but also the costs the German middle class will pay.
正是由于德国制造业历来很强,德国受制于金融市场的程度才不像其他国家那样深。这反过来也导致德国的政界高层在某种程度上不在乎德国的政策对全球债市有何影响。然而,如今的现实是,债市不仅能决定欧元能否存续,还能决定德国中产阶级将付出多大代价。
If Germany wants to remain a broadly prosperous and fair society in a globalised world, it can only do so within a stable eurozone and all that entails – starting with, a banking union, then fiscal union and ultimately a federal political union.
在这个全球化的世界里,如果德国想维持本国社会普遍富裕以及公平的状态,稳定的欧元区以及由此带来的一切(首先是银行联盟,接着是财政联盟,最终是联邦制政治联盟)都是必要条件。
If the euro fails, Germany’s financial sector would also take a hit and further damage the economy. The domino effect of default in the European periphery would ultimately end up hitting German banks and savers alike, since they are among the major creditors owning those troubled debts.
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