一、导言欧元区在庆祝成立十周年之际,受到了金融危机的侵袭。这场危机始于美国,迅速蔓延至欧洲。在应付这场迫在眉睫的危机以及经多年累积而成的大规模的财政、金融、结构性失衡时,经济及货币联盟(EMU)准备不足。此次金融危机先是在2010年转化成为希腊主权债务危机,随后在2011~2012年间演化成全面的银行和主权债务危机,并曾一度威胁到货币联盟的生存。现在债务危机虽然已经减弱,但取而代之的是增长微弱、通胀近零的经济危机。这种“失去十年”的忧虑正在欧元区回荡,但各国政府 I. Introduction The euro area was hit by the financial crisis on the occasion of its tenth anniversary. The crisis started in the United States and quickly spread to Europe. In response to this imminent crisis and the large-scale fiscal, financial and structural imbalances that have accumulated over the years, the EMU is unprepared. The financial crisis first turned into Greece’s sovereign debt crisis in 2010, and subsequently evolved into a full-blown banking and sovereign debt crisis in 2011 and 2012, once threatening the survival of the monetary union. Although the debt crisis has now weakened, it is replaced by an economic crisis with weak growth and near-zero inflation. This “lost decade” worries are echoes in the euro zone, but governments