||1:Northerners have long resisted mutualisation for fear of underwriting laxity in the south.||2:But without it Italy and Spain will face either a savage crisis now or a lengthy debt crisis in the future.||3:With lockdowns in place from Saxony to Sicily, debt issued today is a result not of bad behaviour but of the pandemic.||4:Mutualisation should be a compromise, signalling that north and south have to live together in their common interest.||5:Even some past opponents of Eurobonds, such as Klaas Knot, head of the Dutch central bank, now see a case for them.||6:Northern leaders must follow.||7:For two decades they have shied away from the fact that the currency union cannot succeed unless its members share more risk.||8:If they do not face up to that today, the euro, and perhaps the European Union itself, will not survive.

||1:长期以来，北方人一直拒绝共同化，因为他们担心南方的保险制度过于宽松。||2:但如果不这样做，意大利和西班牙将面临一场严重的危机，或者未来漫长的债务危机。||3:随着从萨克森到西西里岛等地的禁闭，今天发行的债券不是不良行为的结果，而是受疫情影响的结果。||4:共同化应该是一种妥协，表明北方和南方必须为了共同利益而生活在一起。||5:甚至一些过去反对欧元债券的人，如荷兰央行行长克拉斯?诺特，现在也看到了支持欧元债券的理由。||6:北方领导人必须效仿。||7:二十年来，他们一直回避这样一个事实：除非成员国分担更多风险，否则货币联盟就无法成功。||8:如果他们今天不正视这一点，欧元(或许还有欧盟本身)将不复存在。

||1:The debate about “political union” in the euro zone is almost entirely absent in France. Writing in Le Monde, a daily, Francoise Fressoz, an editorialist, called this a “strategy of silence”, designed not to stir up divisions.||2:In his speech, Mr. Ayrault declared that France was ready to make proposals, but on condition that the objective was “integration solidaire”, or integration with solidarity.||3:But what exactly he and Mr Hollande mean by this, besides the mutualisation of debt, is unclear.

||1:法国国内几乎从未讨论过关于在欧元区建立“政治联盟”的问题。法国《世界报》主笔Francoise Fressoz称这一现象为“静默政策”，可以避免挑起纷争。||2:让-马克·艾罗在发言中宣称，法国会积极提出建议，但条件是以“团结的统一”为目的。||3:然而，对于债务互助化问题等政治联盟问题，他和奥朗德究竟言之何意还尚不明朗。

Debt mutualisation can be devised to stop short of a permanent transfer union.

对债务共担（debtmutualisation）的设计可以防止产生一个永久性的拨款联盟。