Fourth, fiscal policy remains contractionary, because Germany continues to reject a growing chorus of advice that it should undertake a short-term stimulus. Thus, higher German spending will not offset the impact of additional austerity in the periphery or the significant shortfall expected for the three-year, €300 billion ($325 billion) investment plan unveiled by European Commission President Jean-Claude Juncker.
第四，财政政策仍然矛盾，因为德国继续拒绝关于其应该采取短期刺激措施的日益异口同声的建议。因此，不可能指望德国增加支出来抵消外围国增加紧缩的影响，也不可能指望德国增加支出填补欧盟委员会主席容克所提出的投资计划中的三年3,000亿预计欧元资金缺口。