： In 2010 global economy shows some indications of getting out of the crisis, but the rise of sovereign debt crisis in PIIGS states has made the situation looking blue. Sovereign states have independent financial and monetary policies and enough policy room to develop their national economy. Therefore, the cause for this crisis lies in the fact that those members states of European Union carry out their respective independent financial policies though they conform to a common monetary policy. Our state carries out a system of floating exchange rates on the basis of capital control, so a supercurrency is neither necessary nor impractical to us. Under such circumstances, largescale governmental red letters and expansion of bank loans in our country are not likely to lead to a sovereign debt crisis like that in European Union countries. However, a strict supervision is absolutely necessary for investment and loaning, especially nonsovereign debts of local governments. Sustainable development of national economy is possible only by enhancing employment and balanced development through coordinate cooperation between government and market.

theory of sovereign currency; crisis of sovereign debt; supersovereign currency; loan inflation