By shifting its monetary-policy regime to target 4% annual inflation – or 6% annual nominal GDP growth – the US would set in motion rapid rebalancing in the eurozone. Rather than see the 30% euro appreciation that would follow from the ECB’s current monetary policy, German exporters would scream for measures to prevent America’s “competitive devaluation,” finally bringing about moderate inflation in the north rather than the current grinding depression in the south.
这也是美联储能发挥作用的地方。通过将其货币政策体制转为实现4%的年度通胀——或6%的年度名义GDP增长——美国可以推动欧元区的迅速再平衡。与其坐视欧洲央行当前货币政策可能导致的欧元升值30%，德国出口商们会想尽一切方式去防止美国的“竞争力贬值”，最终带来欧元区北部的温和通胀而不是当前南部的长期萧条。