This has also shifted the burden of adjustment disproportionately onto countries with floating currencies, such as the euro and the Canadian and Australian dollar. The lack of adjustment of surplus countries with inflexible exchange rate-regimes means that as the US deficit falls, a counterbalancing deficit develops elsewhere in the world – along with real effective exchange rate appreciation.
这也把调整的负担不成比例地压到了那些实施浮动汇率的国家身上，比如欧元、加元和澳元。汇率机制不灵活的贸易顺差国家没有进行足够的调整意味着随着美国赤字的下降，世界其他国家的赤字就会相应地增长，同时实际有效汇率也会进一步提高。