There is no iron law(铁律，不可动摇的规律) dictating that the world's reserve asset be Treasury bonds(世界的储备资产是美国国债). For centuries British gilts(英国国债（特指金边债券）) held that crown(占据王位，处于主导地位), until they were dethroned(被罢黜，被推翻) after the second world war. But there is no successor(继任者，后续事物) to Treasuries. The potential heirs(潜在继承人) lack size and other crucial features.
没有铁律规定世界的储备资产必须是美国国债。几个世纪以来，英国国债曾占据这一地位，直到二战后被取代。但目前没有美国国债的继承者。潜在的继承者缺乏规模和其他关键特征。
Since its construction in 1999, the euro zone has always been the most likely contender(竞争者，角逐者). But the European sovereign-debt crisis(主权债务危机) in the early 2010s blew up(使飙升，急剧上升) the long-term bond yields of countries like Greece, Italy and Spain.
自1999年成立以来，欧元区一直是最有可能的竞争者。但2010年代初的欧洲主权债务危机导致希腊、意大利和西班牙等国的长期债券收益率飙升。
More recently, the European Commission has started issuing debt. But these bonds do not yet meet the needs of investors even in Europe, much less(更不用说，更何况) globally. For one thing(首先，其一（用于列举原因）) the market is far too small. The commission plans to issue €100bn ($116bn) in long-term debt in the first half of the year, compared with(与……相比) the $2.2trn planned by the Treasury Department.
最近，欧盟委员会开始发行债券。但这些债券尚未满足甚至欧洲投资者的需求，更不用说全球投资者了。首先，市场太小。委员会计划在今年上半年发行1000亿欧元（1160亿美元）的长期债务，而美国财政部计划发行2.2万亿美元。
