我们可以想象一个北方单一货币区，它拥有足够的主权（由德国提供，或者更合理地，由德国和法国联合提供）起作用，以及一个不必受北方区货币和财政规则约束的南方区，两者之间通过自由贸易联系。
One can imagine a northern single-currency area, with enough sovereignty (provided by Germany or, more plausibly, by Germany and France acting together) to make it work, linked by free trade to a southern area that is not subject to the northern bloc’s monetary and fiscal rules.