Afirewallfullofholes
欧元危机;漏洞百出的防火墙;
Theeurozonesrescuestrategystilldoesnotaddup;
欧元区救助策略依然一盘散沙;
ThereisanewswaggeramongEuropeanfinancialofficialsthesedays. Asbondspreadsnarrow, sharepricesriseandtheeurostrengthens, manypolicymakersareconvincedthecrisishasbeensolved. AtaG20 gatheringoffinanceministersinMexicoCityonFebruary 25th-26th, forinstance, theEuropeandelegatesweretoutingtheirsuccess. Itisafarcryfromthebrowbeatingstheysufferedduring 2011.
当前，欧洲财政官员们流露出新的自大情绪。随着债券息差缩小，股票价格上涨，欧元势头强劲，众多决策者坚信这场危机已经终结。如2月25日-26日在墨西哥城召开的20国财长会议上，欧洲代表不断吹嘘他们的成功。这与他们2011年危机中恐惧的样子可真是天壤之别。
ThismoodofconfidencecanlargelybecreditedtotheEuropeanCentralBankanditsprovisionofliquiditytobanks. ButaddinGreecessecondbail-outdeal, toughneweuro-zonefiscalrules, boldreformsinItalyandSpainandsotheargumentgoesitisclearthattheEuropeansareseriousaboutfixingtheirproblems. Justincase, theimminentintroductionoftheEuropeanStabilityMechanism , apermanentrescuefund, aswellasanincreaseintheIMFsresources, alsomeanthatasolidfirewallisbeingerectedtocopewithanotherconflagration.
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