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金本位制就是单一货币(欧元)令人担忧的前车之鉴。自从去年夏天金融危机以来,欧洲的领导人已经享受了一段喘息时光。但欧元依旧脆弱。由于执政联盟破裂,葡萄牙国债收益率本周飙升。爱尔兰经济已连续三个季度萎缩。一个适当的银行业联盟仍遥遥无期。由拉特格斯大学的万克尔·博尔多和普林斯顿大学的哈罗德·詹姆斯共同完成的一项最新研究强调了欧元的脆弱性。
The gold standard is a worrisome lesson for a single currency (the euro). Europe’s leaders have enjoyed some breathing space since the financial crisis last summer. But the euro is still fragile. Yields on Portuguese government bonds soared this week as the governing coalition burst. Ireland’s economy has shrunk for three consecutive quarters. An appropriate banking union is still in the foreseeable future. A new study, done jointly by Jonker Voldor of Rutgers University and Harold James of Princeton University, highlights the fragility of the euro.