"The euro area has taken a major step towards pooling risks arising from unsound public finances".

欧元区已经向分担由不健全的公共财政引发的风险迈进了一大步。

youdao

Such pooling saves on administrative costs and allows dioceses to use a surplus in one area to cover shortfalls in another, often a legitimate course of action.

ECONOMIST: The Catholic church in America: Earthly concerns | The