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在2012年初,风险主要是在财政方面,即部分国家可能无法获得偿付债券所有人的资金。欧洲央行解决了这个问题。在2013年初,风险来自社会和政治方面,即某些国家失业率持续上升和实际收入下降,导致绝望的年轻人开始倾听政客们的提议—如果脱离欧元区,他们的生活就会变好。去年,欧元区的运行机制发生了一些根本性的变化。最重要的是欧洲央行(ECB)在7月宣布、9月制订的“直接货币交易”计划(OMT)。这无疑改变了欧
In early 2012, the risk was mainly financial, that is, some countries might not be able to secure the funding of bondholders. The European Central Bank has solved the problem. In early 2013, the risks came from social and political sources: rising jobless rates and falling real incomes in some countries, leading desperate young people to start listening to politicians’ proposals that their lives would have been better off if they were out of the euro zone. Last year, some fundamental changes took place in the operating mechanism of the euro area. Most importantly, the ECB announced in July that the Direct Currency Trading Program (OMT), developed in September. This undoubtedly changed Europe