The European Sovereign Debt Crisis
分析欧洲主权债务危机的根源在于欧元设计的缺陷，特别是货币联盟在危机中的脆弱性，并探讨增强欧元区抗冲击能力的改革方案。
The origin and propagation of the European sovereign debt crisis can be attributed to the flawed original design of the euro. In particular, there was an incomplete understanding of the fragility of a monetary union under crisis conditions, especially in the absence of banking union and other European-level buffer mechanisms. Moreover, the inherent messiness involved in proposing and implementing incremental multicountry crisis management responses on the fly has been an important destabilizing factor throughout the crisis. After diagnosing the situation, we consider reforms that might improve the resilience of the euro area to future fiscal shocks.