The practical and inescapable lesson is that when any country is left to its own policy devices, its preferences may lead to prolonged and ultimately unsustainable imbalances. Sooner or later, adjustment will be necessary – if not by considered domestic policy or a well-functioning international monetary system, then by financial crisis.
无可避免的现实教训是，任何国家只要能够自主制定决策，就会偏好于导致长期并最终不可持续的失衡的政策。或早或晚，调整都会到来——有可能是经过深思熟虑的国内政策和运转良好的国际货币体系，也有可能是金融危机。