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The president of the European Commission, Jean-Claude Juncker, likes to compare the euro zone to a house in need of repair.
歐洲委員會主席讓-克洛德·容克喜歡將歐元區比作一幢需要修補的房子。
Fix the roof, he counsels, while the economic weather is favourable.
他建議在經濟氣象良好時，修補屋頂。
Leaders from across the European Union will have the opportunity to take that advice
歐洲委員會各國各領導人將有機會采納該建議
when the European Council meets in Brussels on June 28th-29th.
6月28至29日期間，他們將在布魯塞爾會面。
In preparation Emmanuel Macron, France's president, and Angela Merkel, Germany's chancellor,
法國總統埃馬紐埃爾·馬克龍以及德國總理安格拉·默克爾
laid out joint proposals for reforms on June 19th.
在6月19日的提交了改革聯合提案。
The result of weeks of ministerial negotiation, they reconciled long-standing differences on the future of the currency bloc
通過幾周的內閣談判，他們在貨幣同盟未來發展的長存差異上達成和解
and set the scene for discussion at the wider summit. In a victory for Mr. Macron, the Germans have consented to a euro-zone budget.
并為接下來的峰會討論做準備。在馬克龍取得的勝利中，德國已經就歐元區預算達成同意。
In other areas, notably banking reform, progress is likely to be halting.
其他各區進展，尤其是銀行改革進展似乎停滯不前。
The reforms aspire to mend the institutional weaknesses revealed during the years following the financial crisis.
改革是希望在金融危機結束后的幾年中修復制度上暴露的缺陷。
Lacking control over interest rates and the ability to devalue their currencies,
由于缺乏對利率的管控以及貶值貨幣的能力，
some countries struggled to cope with violent economic shocks.
一些國家在猛烈的經濟沖擊中掙扎。
Some, like Greece, were stuck in a "doom loop" where wobbly banks destabilised the governments supporting them,
一些國家，比如希臘，陷入了一種“厄運循環”之中，風雨飄搖的銀行使支持他們的政府開始動搖，
which in turn weakened the banks holding government bonds.
反過來動搖的政府又使持有政府債券的銀行更加弱化。
To be fair, the bloc has already done quite a lot.
公平的說，貨幣同盟已經做了很多努力。
At the height of the crisis, a bailout fund was cobbled together for emergency lending to countries that lost access to capital markets.
在危機高潮時期，貨幣同盟出臺救助資金用于修補給予各國的緊急援助借貸，這些借貸國家喪失了進入資本市場的能力。
In 2012 the euro zone agreed to establish a banking union to contain risks and break the doom loop.
2012年，歐元區同意建立一個銀行聯盟以牽制風險并打破這種厄運循環。
The European Central Bank now supervises all the euro zone's systemically important banks.
如今歐洲中央銀行監管所有歐元區的重要體系銀行。
If a bank needs winding down, the Single Resolution Board provides short-term funding and imposes losses on creditors, limiting the cost to the taxpayer.
如果銀行需要放慢步伐，單一清算委員會就會提供短期基金并對債權人征收損耗，限制納稅人的成本。
But more than five years on, banking union remains incomplete.
但是五年多過去了，銀行聯盟仍不完備。
Mr. Macron is keen both to push through those remaining reforms, and to go further.
馬克龍渴望促成剩下的那些改革，也希望更進一步。
His proposal for a euro-zone budget aims to ensure members' economies continue to converge and to help those buffeted by external events.
他提議的歐元區預算旨在確保成員國的經濟得以繼續匯聚并幫助那些受到外部事件沖擊的成員國。
New prime ministers in Italy and Spain appear to agree.
意大利和西班牙的新任首相似乎同意他的提議。
The Germans, Dutch and Nordics, however, resist the pooling of risks across the bloc.
而德國、荷蘭以及北歐人拒絕承擔同盟國間的風險匯合。
They worry that fiscally prudent countries would end up subsidising profligate ones.
他們擔心財政節省的成員國最終會肆意揮霍補助金。
Italy, where an earlier version of the new governing coalition seemed to scorn the euro zone's spending rules, will not have reassured them.
意大利早期新成立的執政同盟似乎對歐元區的支出策略表示鄙視，而現在意大利將無法消除他們的疑慮。
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