Governments lack a national currency to depreciate, and lack the power to relax credit, having delegated monetary policy to the European Central Bank. As unemployment again rises to catastrophic heights, they will have no alternative, it is said, but to abandon the euro unilaterally.
如今，欧洲再一次经历着严重的通缩冲击。这一回，套在通胀手段头上的枷锁是欧元。各国政府没有本国货币可实施贬值，也不能放松信贷，货币政策由欧洲央行代为执行。随着失业率再一次上升至足以引发崩盘的高度，看起来各国别无选择，只能单方面抛弃欧元。