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The Franco-German compromise gives the nod to various proposals from the European Commission.
法德做出妥協，認可歐洲委員會的各種提議。
The first involves reforms to the euro zone's sovereign bailout fund, the European Stability Mechanism (ESM).
首先是歐元區主權救助基金，歐洲穩定機制（ESM）的改革。
It would act as a backstop to its bank-resolution board, beefing up banking union.
這一改革就像是銀行清算委員會的支撐板一樣，鞏固了銀行聯盟。
And countries that have been prudent, but suffer an economic shock,
財政拘謹但卻遭遇經濟沖擊的國家
would be given access on relatively lenient terms to a precautionary line of funding, so they could seek money before they lose access to the markets.
在尋求預防性資金額度時，將被給予相對寬松的條款，這樣他們可以在失去市場前籌到資金。
So far most ESM lending has been to countries already cut off from markets, and conditional on implementing tough structural reforms.
到目前為止，申請ESM貸款的國家，多半已切斷了和市場的聯系，他們有執行嚴格制度改革的條件。
All this would be a step forward, says Guntram Wolff of Bruegel, a think-tank. But he thinks the reforms should go further.
所有這些都是一種邁進，智囊團Bruegel的成員貢特拉姆·沃爾夫說道。但是他認為改革應該更進一步。
The French and Germans agreed to keep the governance of the bail-out fund unchanged. But it is too complicated.
法國和德國同意繼續維持應急基金不變。但是這過于復雜。
In order for it to be tapped, finance ministers must reach unanimous agreement.
為了得到實施，財政部長們必須達成一致意見。
National laws mean that parliaments in some countries, notably Germany, must grant their approval.
國家法律意味著一些成員國的議會，尤其是德國，必須批準同意。
That could stop the fund winding down a failed bank swiftly over a weekend, as it may need to.
如果需要的話，可以在一周內阻止基金使破產銀行迅速松懈。
But the Germans insisted on national control, saying that it has not held up decision-making so far.
但是德國堅持國家控制，稱他們目前還沒有做出決策。
Their reservations also stymied immediate progress towards a common deposit-insurance scheme.
他們的保留也阻礙了共同存款保險計劃的即刻進程。
Mr. Juncker had hoped to soothe northerners' fears with a gradual implementation
容克希望能夠安撫北方逐步執行改革的恐懼
during which the common fund would lend to national schemes in times of trouble.
其間共同基金將在患難時期為國家方案提供資金。
His hope that banking union would be complete by 2019 now seems unrealistic.
他希望于2019年前完備銀行聯盟，現在看來這似乎是不現實的。
A proposal from the commission to create securities backed by a pool of sovereign bonds has been nixed.
委員會創建有價債券并利用有價債券支撐主權債券的提議已被拒絕。
Without it, banks will have little incentive to diversify sovereign risk.
沒有有價債券，銀行會失去使主權債券多樣化的動機。
Mr. Macron's prize is a concession from Germany on the euro-zone budget. For the first time, the French point out,
馬克龍的戰利品來自于德國就歐元區預算做出的妥協。法國指出，
Germany has acknowledged that macroeconomic stabilisation is not a matter for national governments only, but a common concern.
德國首次承認宏觀經濟的穩定不僅僅是國家政府的問題，也是一個普遍關注的問題。
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