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修復銀行業是修復歐元的前提（雙語）
For the euro to grow into a happy and healthy adult, many things must happen. Most importantly, Europe needs to fix its banking system. Many European banks, starting with Germany's, are dangerously over-leveraged, undercapitalized and exposed to Greek, Irish and Portuguese debt. Rigorous stress tests followed by capital injections are the most important step that governments can take to secure the euro's place.
歐元想要健康快樂地長大，必須具備很多條件。其中最重要的是歐洲必須修復其銀行體系。從德國的那些銀行算起，歐洲許多銀行的過度杠桿化和資本不足問題都已達到了危險的程度，它們在希臘、愛爾蘭和葡萄牙的債務上存在風險敞口。想要確保歐元的地位，嚴格的壓力測試加上資本注入是歐元區各成員國政府所能采取的最重要措施。
Since European leaders seem fixated on what to do after Greece's rescue package runs out in 2013 -- often, it appears, to the neglect of more immediate problems -- they should also contemplate transferring responsibility for supervising their banks from the national level to the newly created European Banking Authority. The mistaken belief that a single currency is compatible with separate national bank regulators is, at the most basic level, why Europe is in the fix that it's in.
David Gothard歐洲各國領導人似乎對2013年希臘救助計劃到期后該做些什么非常關注（這往往導致他們忽視了更為迫切的問題），但他們也應該仔細考慮讓新設立的歐洲銀行管理局（European Banking Authority）取代各國監管機構對歐洲各國的銀行實施監督。那種認為單一貨幣體系和各國獨立的銀行監督管理機構能夠兼容的錯誤理念是歐洲陷入當前困境的最根本原因。
Europe's budget deficits are largely a result of the continent's festering banking crisis. Greece may be an exception, but it's one of a kind. The euro area would clearly benefit from stronger discipline on borrowers and lenders. However, it is fantastical to think that this can be achieved by imposing Germanic debt ceilings Continent-wide.
歐洲預算赤字問題主要是由歐洲大陸日益惡化的銀行業危機引發的。希臘也許是一個例外，因為希臘的情況非常特殊。對借貸雙方實施更加嚴格的紀律約束無疑對歐元區有益。但如果認為只要把德國為債務設置上限的做法推廣到歐洲各國就可以約束信貸紀律，也未免過于不切實際了。
The only discipline guaranteed to prevent fiscal excesses is market discipline. Reckless borrowers and lenders must be made to pay for their actions. Governments with unsustainable debts should be forced to restructure them, damage to their sovereign creditworthiness or not. The banks that lent to them should similarly suffer consequences, as should the bondholders who provided those banks with funds.
避免財政過度擴張的唯一有效手段是市場約束。不計后果的借貸雙方必須為他們的行為付出代價。面臨債務不可持續問題的政府必須對債務進行重組，無論這樣做是否會令其主權信用受到損害。向政府提供貸款的銀行同樣要為自己的行為承擔后果，向銀行提供資金的債券持有人也不例外。
【我要糾錯】 責任編輯：梓墨
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