欧洲央行副行长鲍里斯·武伊契奇周一表示，欧元区国家与美国的融合速度快于彼此之间的融合，并认为这一趋势使该货币联盟在地缘政治紧张局势升级之际更容易受到经济冲击。
Euro zone countries are integrating faster with the United States than with each other, European Central Bank Vice President Boris Vujcic said on Monday, arguing that the trend leaves the bloc more vulnerable to economic shocks at a time of rising geopolitical tensions.
这一言论凸显了欧盟长期以来推动建立真正的资本单一市场核心所在的悖论：欧洲储蓄越来越多地流向美国，而国家边界继续将集团内部的投资割裂开来。
The remark highlights a paradox at the heart of the European Union's long-running push to create a genuine single market for capital: European savings are increasingly flowing to the United States while national borders continue to fragment investment within the bloc.
武伊契奇引用欧洲央行研究称，自2014年以来，欧元区与美国之间跨境股权投资的估算壁垒已下降四分之一，降幅是欧元区内部壁垒降幅的两倍多。
Citing ECB research, Vujcic said estimated barriers to cross-border equity investment between the euro zone and the United States have fallen by a quarter since 2014, more than twice as much as barriers within the euro area.
“引人注目的是，我们与美国的融合速度快于彼此融合，”他在都柏林举行的一次金融会议演讲中表示。
"Strikingly, we are integrating faster with the United States than with each other," he said in a speech at a financial conference in Dublin.
武伊契奇还指出，有证据表明欧洲破碎的资本市场使经济缺乏韧性。
Vujcic also pointed to evidence suggesting that Europe's fragmented capital markets make the economy less resilient.
欧洲央行研究显示，在新冠疫情冲击期间，主要股东为国内投资者的企业削减投资的幅度比拥有国际投资者基础的同类企业大约20%。他还表示，欧洲企业在油价上涨时也倾向于缩减投资，而美国企业则不然。
ECB research shows that firms with mainly domestic shareholders cut investment about 20% more than peers with international investor bases during the COVID-19 shock. European companies also tend to scale back investment when oil prices rise, unlike US firms, he said.
“在一个破碎的欧洲，每当冲击来袭，投资都成为调整的边际，”武伊契奇说。“这是一个韧性问题，而非首先是一个增长问题。”
"In a fragmented Europe, investment becomes the margin of adjustment whenever a shock hits," Vujcic said. "That is a resilience problem before it is a growth problem."