Stresses and strains on EM will depress the EUR and GBP further, as they expose the structural ambiguities within the EMU through the bank lending channel.

• 新兴市场经济货币的压力和紧张将使得欧元和英镑进一步贬值，因为它们暴露了欧洲货币同盟内部银行借贷渠道的结构性晦暗不明。