collectivised
collectivised-
In a currency area where the money supply has been collectivised but fiscal policy and banking systems remain national , sovereign fragility has infected the banks .
在欧元区，货币供应早已做到集体化，但财政政策和银行体系仍保留在国家层面，致使主权脆弱性传染给了银行。
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The money supply was collectivised while fiscal policy and banking systems stayed national , so sovereign and bank funding problems reinforced each other without the circuit breaker of lending in the last resort .
货币供应实现了集中化，而财政政策和银行体系却仍由各国独自把持，因此主权债务和银行融资问题相互放大，却又没有最终放贷的安全断路机制。