Over 2014 – 2019, the euro area charted a substantial post-crisis economic recovery while also reducing macro-financial vulnerabilities. The array of post-crisis institutional reforms has improved the capacity of the euro area to withstand adverse shocks, even if the narrowing of imbalances also came at a high cost (especially in the most indebted member countries). The pandemic has provided a new test: the combination of a common central bank and the enlargement of the common fiscal capacity has provided substantial policy support and fostered a narrowing in risk premia, despite significant differences in levels of public debt and exposures to the pandemic shock. While the resilience of the euro is sure to be tested further in the coming years, the extent of the underlying political backing for the common currency should not be underestimated.

中文翻译：

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欧元的韧性

在 2014 年至 2019 年期间，欧元区实现了危机后经济的大幅复苏，同时也降低了宏观金融脆弱性。危机后的一系列制度改革提高了欧元区抵御不利冲击的能力，即使收窄失衡也付出了高昂的代价（尤其是在负债最多的成员国）。大流行提供了新的考验：尽管公共债务水平和大流行冲击的敞口存在显着差异，但共同中央银行和扩大共同财政能力的结合提供了实质性的政策支持并促进了风险溢价的收窄. 虽然欧元的弹性在未来几年肯定会受到进一步考验，但不应低估共同货币的潜在政治支持程度。