Citigroup says only ‘United States of Europe' will save euro
LEIGH PHILLIPS
21.04.2010 @ 09:15 CET
A Citigroup note to clients has warned that the eurozone is likely to fall apart unless the European Union's member states fuse both on the fiscal and political level.
一張花旗集團給客戶的便條已警告，歐元區可能會關係結束，除非歐盟成員國在財政和政治水平兩者上熔合。
"Europe needs to stand up and decide if it is going to be a ‘United States of Europe' or a ‘patchwork quilt' of independent states," reads a note by Tom Fitzpatrick, chief technical analyst at Citigroup in New York, first seen by Bloomberg.
“歐洲需要站起來，並決定是否變成一個 '歐洲的合眾國抑或一 '拼湊成的被褥' 的獨立國家”，閱讀由紐約花旗集團首席技術分析師湯姆菲茨帕特里克的便條，首先由彭博看到。
Investors are warning of threats to the European currency even if the Greek crisis is resolved (Photo: pimousse3000)投資者被警告，即使希臘危機得到解決，仍威脅歐洲貨幣（圖片：pimousse3000）
The financial services firm, the largest in the world and one of America's big four banks, says that if such integration is not on the cards, the euro area is "doomed" even if the current Greek crisis is resolved.
那金融服務公司是世界上最大的和美國四大銀行之一，表示如果這結合仍未在節目單上，歐元區是“注定失敗”，即使目前的希臘危機得到解決。
"Without a preparedness amongst the major nations - Germany in particular - to head in this direction, we fear that the euro as a common and expanding single currency will inevitably be doomed," the analysis continued.
“各主要國家 - 特別是德國 - 沒有準備朝這個方向走，我們懼怕歐元作為一普通和擴大中的單一貨幣，將不可避免地注定失敗”分析 繼續。
In February this year, hedge fund wizard George Soros also warned the eurozone was bound to break up without fiscal union.
今年2月，對沖基金名家喬治索羅斯亦警告，歐元區沒有財政聯盟則勢將分裂。
"A makeshift assistance should be enough for Greece, but that leaves Spain, Italy, Portugal and Ireland. Together they constitute too large of a portion of the Euroland to he helped in this way…The survival of Greece would still leave the future of the Euro in question," he told the Financial Times.
"The construction is patently flawed. A fully fledged currency requires both a central bank and a treasury. The treasury need not be used to tax citizens on an everyday basis, but it needs to be available in times of crisis," he said. "When the financial system is in danger of collapsing, the central bank can provide liquidity, but only a treasury can deal with problems of solvency."
"This is a well-known fact that should have been clear to everyone involved in the creation of the euro."
The euro has slid 6.1 percent against the US dollar this year.
http://euobserver.com/19/29905
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