欧元区改革：德国胜券在握

    法国和欧元区其他国家需要认清现实。如果德国不能对成员国的预算有所发言权，德国绝不可能同意将欧元区的所有债务汇集起来或者发行欧元债券。这场危机拖了这么久，原因就是双方互不相让，指望对方让步。包括法国在内的外围国家希望等危机糟到欧元存亡一线后，德国会心软出手拯救整个欧洲。而另一边，德国希望紧缩政策和疲弱经济会迫使欧元区一些大国妥协，将部分（如果不是全部）财政权力交给欧盟，最终由审慎的德国技术官僚主导。

    似乎目前德国还不愿意让步，因为它知道可以继续与国际货币基金组织（IMF）和欧洲央行（ECB）一起为外围经济体安排零星的救助措施，确保欧元不崩溃，同时继续从欧元区的困境中获益。另一方面，很多外围成员国看来即将让步。支持欧元债券的西班牙首相上周表示，赞成将一些主权财政权力交给欧盟。这样就只等法国和意大利加入了。它们越早同意柏林，就能越早获得它们的欧元债券。

    译者：早稻米

    France and the rest of the eurozone need to wake up. There is no way Germany will ever agree to the pooling of eurozone debt or to the issuing of eurobonds if it won't have a say in how member states run their budgets. This crisis has dragged on so long because the two sides of this issue have been starring at each other hoping that the other side would blink. The periphery, which now includes France, wants the crisis to get so bad that the common currency would be near collapse, which would then force Germany to relent and bailout the continent. On the other side of the table, Germany is hoping that austerity and weak economic growth gets so bad that the larger members of the euro finally relent and give up some, if not all, of their fiscal power to an EU body, which will ultimately be dominated by prudent German technocrats.

    Germany seems to be holding strong as it knows that it can continue orchestrating piecemeal bailouts of the periphery with the IMF and the ECB to make sure that the euro doesn't collapse. In the meantime, it will continue to benefit from the troubles in the eurozone. On the other hand, it looks like many members of the periphery are about to blink. Spain's prime minister, an advocate of eurobonds, said this week that he would now be in favor of transferring some sovereign fiscal power over to the EU. That leaves just France and Italy to get on board. The quicker they acquiesce to Berlin, the quicker they can get their eurobonds.