自欧债危机爆发以来,主权债务危机在欧元区国家内不断蔓延和升级,暴露了欧元区财政与货币不能协调一致的软肋,严重打击了欧洲经济。欧债危机继续发酵有其内在的逻辑。欧元区外围国家的债务负担沉重,经济增长停滞,而财政赤字严重超标,各国赤字早已突破了构筑欧盟基石的《马斯特里赫特条约》所要求的限制,但欧盟决策机构对此并未良策,从2009年开始的多次救助无果;面临债务问题,欧元区德法与债务国之间、欧洲央行与民间债权人之间,甚至于各国内部政府与民众之间矛盾重重,无法形成有效的救助方案与长期解决债务的机制,导致欧债阴影不散。 Since the outbreak of the European debt crisis, sovereign debt crises have spread and escalated throughout the euro-zone countries, exposing the weaknesses in the euro-area where finance and currency can not be coordinated and have severely hit the European economy. European debt crisis continues to have its inherent logic of fermentation. The debt burden of peripheral countries in the euro area is heavy, economic growth is stagnant, and the fiscal deficit is seriously exceeded. The deficits of various countries have already broken the restrictions imposed by the Maastricht Treaty, which is the cornerstone of the EU. However, the EU’s policymaking agencies have not done so Good policies and no relief since 2009. In the face of the debt problem, there are many contradictions between Germany and France in the euro zone, the debtor countries, the European Central Bank and civil creditors, and even the governments and people in various countries. Therefore, it is impossible to form an effective Rescue programs and long-term debt settlement mechanism, leading to the shadow of European debt.