民主是拯救欧元之战中的败者_时事_双语阅读-查字典英语网

民主是拯救欧元之战中的败者

那么，德拉吉为何要采取上述行动？答案是，他面临一种非常可怕的两难处境。显然，欧洲纾困基金获得的数千亿欧元注资，不足以帮助整个欧元区抵御银行破产和主权债务违约的威胁。一场金融灾难可能会引发又一场“大萧条，进而点燃政治极端主义，并使民主受到威胁——这种威胁远比欧洲央行上述行动构成的威胁更为直接和明显。

By contrast, if Spanish and Italian borrowing costs come back under control – and their governments are prodded into making important structural economic reforms – then the ECB’s actions last week could yet be vindicated. Mr Draghi would not only have saved the euro – he would have bought Europe the time it needs to return to growth.

相比之下，如果西班牙和意大利的借款成本回落至可控水平、两国政府被迫开始进行重要的经济结构改革，那么欧洲央行上周的行动可能最终会被证明是正确的。也就是说，德拉吉可能不仅拯救了欧元，还为欧洲争取到了恢复增长所需的时间。

However, a great many things now have to go right simultaneously for Mr Draghi’s plan to work. It is rather more likely that political and economic unhappiness will grow in Europe over the next year – as Germany slips into recession and Italy and Spain (not to speak of Greece) struggle with ever deeper austerity. If the euro were ever to break up, the direct financial cost to Germany and other creditor nations – and the resulting backlash – could also be much higher, because of the ECB’s bond-buying programme.