Estimating the odds and timetable for a European fiscal, economic and political union is a fool's errand. I would simply note that each of those requires politicians to give up powers many of them -- and many of their voters -- regard as sacrosanct. More integration also would need to overcome what Mr. Roubini calls 'austerity fatigue' among citizens of countries like Greece, Spain and Italy, and its mirror sentiment, 'bailout fatigue' among German and Nordic voters. By comparison, a banking union may seem easier, but it is no piece of tiramisu.
估测建立欧洲财政、经济和政治联盟的可能性及时间表纯属徒劳之举。我只想指出一点,每一项都需要政治家们放弃他们中很多人(以及他们的很多选民)视为神圣不可侵犯的权力。更大程度的融合还需要克服鲁比尼所说的希腊、西班牙和意大利等国民众的“紧缩疲劳症,以及另一方面德国和北欧选民中存在的“救助疲劳症。相比之下,建立银行联盟似乎更容易,但也非小菜一碟。
Since the onset of the euro crisis, Europe's financial system has become more Balkanized, with banks retreating behind national borders under pressure from national regulators.
自欧债危机爆发以来,欧洲金融体系更加分裂,银行迫于国家监管机构的压力而退到国内。
The watchdogs' goal is understandable: At a fragile time, it is in their interest to discourage international banks from moving money away from their domestic bases. The problem is that when every national regulator follows this path, the overall European economy is starved of credit.
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