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This can be seen in Europe. And if European countries cannot agree among themselves, how can the rest of the world? During the crisis, Europe could not reach a Europe-wide agreement on guaranteeing the financial system; each country had to guarantee its own. As things stand now, the Euro is an incomplete currency. It has a common central bank but it does not have a common treasury — and guaranteeing or injecting equity into banks is a treasury function. The crisis offered an opportunity to remedy this shortfall but Germany stood in the way.
這一點從歐洲就可以看出來。如果歐洲國家內部都不能達成一致，世界上其他國家怎么能做到？危機期間，在保證金融體系安全這一點上，歐洲未能在歐洲范圍取得一致意見。就現在情況來看，歐元并不是一種完整的貨幣。歐洲有共同的中央銀行，但是卻沒有一個共同的庫務署——確保或把公平引入銀行內部的一個財政部門。危機提供了一個彌補這一缺陷的機會，但是德國卻起到了阻礙作用。
Germany used to be the driving force behind European integration but that was at a time when Germany was willing to pay practically any price for reunification. Today Germany is very different. It is at odds with the rest of the world in fearing inflation rather than recession and, above all, it does not want to serve as the deep pocket for the rest of Europe. Without a driving force, European integration has ground to a halt.
德國過去是歐洲一體化的推動力量，但是那是在德國愿意為統一付出任何代價的時期。今天的德國情況大不相同了。德國擔心的是通貨膨脹，而非經濟蕭條，在這一點上，它與世界其他國家是有分歧的。最重要的是，德國不想成為歐洲其他國家的腰包。沒有了推動力，歐洲一體化進程緩慢地停止了下來。
