The first involves reforms to the euro zone's sovereign bailout fund, the European Stability Mechanism (ESM). 首先是欧元区主权救助基金，欧洲稳定机制（ESM）的改革。

　　It would act as a backstop to its bank-resolution board, beefing up banking union. 这一改革就像是银行清算委员会的支撑板一样，巩固了银行联盟。

　　And countries that have been prudent, but suffer an economic shock, 财政拘谨但却遭遇经济冲击的国家

　　would be given access on relatively lenient terms to a precautionary line of funding, so they could seek money before they lose access to the markets. 在寻求预防性资金额度时，将被给予相对宽松的条款，这样他们可以在失去市场前筹到资金。

　　So far most ESM lending has been to countries already cut off from markets, and conditional on implementing tough structural reforms. 到目前为止，申请ESM贷款的国家，多半已切断了和市场的联系，他们有执行严格制度改革的条件。

　　All this would be a step forward, says Guntram Wolff of Bruegel, a think-tank. But he thinks the reforms should go further. 所有这些都是一种迈进，智囊团Bruegel的成员贡特拉姆·沃尔夫说道。但是他认为改革应该更进一步。

　　The French and Germans agreed to keep the governance of the bail-out fund unchanged. But it is too complicated. 法国和德国同意继续维持应急基金不变。但是这过于复杂。

　　In order for it to be tapped, finance ministers must reach unanimous agreement. 为了得到实施，财政部长们必须达成一致意见。

　　National laws mean that parliaments in some countries, notably Germany, must grant their approval. 国家法律意味着一些成员国的议会，尤其是德国，必须批准同意。

　　That could stop the fund winding down a failed bank swiftly over a weekend, as it may need to. 如果需要的话，可以在一周内阻止基金使破产银行迅速松懈。

　　But the Germans insisted on national control, saying that it has not held up decision-making so far. 但是德国坚持国家控制，称他们目前还没有做出决策。

　　Their reservations also stymied immediate progress towards a common deposit-insurance scheme. 他们的保留也阻碍了共同存款保险计划的即刻进程。

　　Mr. Juncker had hoped to soothe northerners' fears with a gradual implementation 容克希望能够安抚北方逐步执行改革的恐惧

　　during which the common fund would lend to national schemes in times of trouble. 其间共同基金将在患难时期为国家方案提供资金。

　　His hope that banking union would be complete by 2019 now seems unrealistic. 他希望于2019年前完备银行联盟，现在看来这似乎是不现实的。

　　A proposal from the commission to create securities backed by a pool of sovereign bonds has been nixed. 委员会创建有价债券并利用有价债券支撑主权债券的提议已被拒绝。

　　Without it, banks will have little incentive to diversify sovereign risk. 没有有价债券，银行会失去使主权债券多样化的动机。

　　Mr. Macron's prize is a concession from Germany on the euro-zone budget. For the first time, the French point out, 马克龙的战利品来自于德国就欧元区预算做出的妥协。法国指出，

　　Germany has acknowledged that macroeconomic stabilisation is not a matter for national governments only, but a common concern. 德国首次承认宏观经济的稳定不仅仅是国家政府的问题，也是一个普遍关注的问题。