????法國和歐元區(qū)其他國家需要認(rèn)清現(xiàn)實(shí)。如果德國不能對(duì)成員國的預(yù)算有所發(fā)言權(quán)，德國絕不可能同意將歐元區(qū)的所有債務(wù)匯集起來或者發(fā)行歐元債券。這場危機(jī)拖了這么久，原因就是雙方互不相讓，指望對(duì)方讓步。包括法國在內(nèi)的外圍國家希望等危機(jī)糟到歐元存亡一線后，德國會(huì)心軟出手拯救整個(gè)歐洲。而另一邊，德國希望緊縮政策和疲弱經(jīng)濟(jì)會(huì)迫使歐元區(qū)一些大國妥協(xié)，將部分（如果不是全部）財(cái)政權(quán)力交給歐盟，最終由審慎的德國技術(shù)官僚主導(dǎo)。

????似乎目前德國還不愿意讓步，因?yàn)樗揽梢岳^續(xù)與國際貨幣基金組織（IMF）和歐洲央行（ECB）一起為外圍經(jīng)濟(jì)體安排零星的救助措施，確保歐元不崩潰，同時(shí)繼續(xù)從歐元區(qū)的困境中獲益。另一方面，很多外圍成員國看來即將讓步。支持歐元債券的西班牙首相上周表示，贊成將一些主權(quán)財(cái)政權(quán)力交給歐盟。這樣就只等法國和意大利加入了。它們?cè)皆缤獍亓郑湍茉皆绔@得它們的歐元債券。

????譯者：早稻米

????France and the rest of the eurozone need to wake up. There is no way Germany will ever agree to the pooling of eurozone debt or to the issuing of eurobonds if it won't have a say in how member states run their budgets. This crisis has dragged on so long because the two sides of this issue have been starring at each other hoping that the other side would blink. The periphery, which now includes France, wants the crisis to get so bad that the common currency would be near collapse, which would then force Germany to relent and bailout the continent. On the other side of the table, Germany is hoping that austerity and weak economic growth gets so bad that the larger members of the euro finally relent and give up some, if not all, of their fiscal power to an EU body, which will ultimately be dominated by prudent German technocrats.

????Germany seems to be holding strong as it knows that it can continue orchestrating piecemeal bailouts of the periphery with the IMF and the ECB to make sure that the euro doesn't collapse. In the meantime, it will continue to benefit from the troubles in the eurozone. On the other hand, it looks like many members of the periphery are about to blink. Spain's prime minister, an advocate of eurobonds, said this week that he would now be in favor of transferring some sovereign fiscal power over to the EU. That leaves just France and Italy to get on board. The quicker they acquiesce to Berlin, the quicker they can get their eurobonds.