In the banking sector, non-performing loans are reaching worrying levels in some member states, especially in Cyprus, Greece, and Italy, casting doubts over the resilience of Europe's banking sector.

首先说银行业。在一些欧元区成员国中，特别是塞浦路斯、希腊和意大利三国，银行业的不良贷款率已经达到令人担忧的水平，让人不禁质疑欧洲银行业的抗风险能力。

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According to the Bank of England's analysis, if every single one of those countries went bust and wrote off 50% of their sovereign debt, banking debt and non-bank private-sector debt, that would wipe out around half the capital in the UK banking system - which is another way of saying that, in theory, the majority of our banks would limp on.

BBC: Why UK banks are not immune to eurozone woes

It was a feat Morgan and his crew would repeat across the industrial landscape, arranging new equilibrium conditions and regulatory mechanisms in one sector after the other, filling in for a non-existent central banking function (the Federal Reserve was created in 1913, marking the start of a whole new story).

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