【单选题】

So unstoppable has the euro crisis become that even rescue talk only fuels ever-rising paniC、Investors have sniffed out thatEurope’s leaders seem unwilling ever to do enough. Yet unless politicians act fast to persuade the world that their desire to preserve the euro is greater than the markets’ ability to bet against it, the single currency faces ruin.

It is a sobering thought that so much depends on the leadership of squabblingEuropean politicians who still consistently underestimate what confronts them.But the only way to stop the downward spiral now is an act of supreme collective will by euro-zone governments to erect a barrage of financial measures to stave off the crisis and put the governance of the euro on a sounder footing.
A、rescue must do four things fast. First, it must make clear which ofEurope’s governments are deemed illiquid and which are insolvent, giving unlimited backing to the solvent governments but restructuring the debt of those that can never repay it. Second, it has to shore upEurope’s banks to ensure they can withstand a sovereign default. Third, it needs to shift the euro zone’s macroeconomic policy towards an agenda for growth.And finally, it must start the process of designing a new system to stop such a mess ever being created again.
So far the euro zone’s response has relied too much on austerity. Sharply cutting budget deficits has been the priority.But this collectively huge fiscal contraction is self-defeating.By driving weakened economies into recession it only increases worries about both government debts andEuropean banks.And mere budget-cutting does not deal with the real cause of the mess, which is a loss of credibility.
Instead of austerity, a credible rescue should start with growth.All the troubled economies need a renewed programme of structural reform and liberalisation. Freeing up services and professions, privatizing companies, cutting bureaucracy and delaying retirement will create conditions for renewed growth—and that is the best way to reduce debts.
The recapitalization ofEurope’s banks must be based on proper stress tests. Some banks may be able to raise money in the equity markets, but the most vulnerable will need government help. It makes sense to set up a euro-zone bank fund, together with a euro-zone bank-resolution authority.
None of this will work unless theEuropeans create a firewall around the governments who can pay their debts and who are not in debt. Some have argued for a system ofEurobonds in which every country’s debt is backed by all.But the political oversight to ensure that high-spending countries do not waste other people’s money would take years to sort out—and one thing the euro zone does not have is time.
We learn from Paragraph 4 that the austerity across the euro zone
A、may make the euro crisis even worse.
B、can help revive the economy.
C、arouses wide worries inEuropean governments.
D、causes a credit crisis all overEurope.