本文認為，歐元是歐洲資本為調節區域內競爭並聯合抵禦區域外資本擴張，建構的一元多體的超國家貨幣體系，其深層次的根源在於資本擴張驅動下的經濟體系變革與重構，而貨幣統合的深化，反過來又必然推動資本主義經濟體系的進一步重構，歐元區主權債務危機本質上是這一重構進程中競爭力下降導致的階段性病態反應。雖然統一貨幣存在明顯的制度性缺陷，但客觀上是債務可持續性的喪失，充分暴露了歐元的結構性缺失，而這一缺失反過來又放大並加劇了危機的治理難度，歐元區面臨的因此並不必然是歐元本身的危機。 The euro is a kind of supranational monetary system, which constructed by the European capital in order to joint to regulate competition in the region and resist the expansion of foreign capital. Its roots lie in the deep economic system reform and reconstruction driven by the capital expansion. While deepening monetary integration, euro in turn is bound to promote the further reconstruction of the capitalist economic system. Euro zone sovereign debt crisis naturally is "morbid" reaction to this reconstruction process with declining competitiveness. Although the single currency regime has obvious defects, but the objective is the loss of debt sustainability, fully exposed the structural absence of the euro, and this in turn amplified and exacerbated the difficulty of governance, the euro zone faces Therefore, the euro regional crisis is not necessarily the euro crisis.
