The second implication of the absence of fiscal transfers is that countries need to invest more in other mechanisms to share the cost of shocks. Even with more flexible economies, internal adjustment will always be slower than it would be if countries had their own exchange rate.
财政转移缺位的第二个影响是各国需要更多地投资于其他机制以共担冲击成本。即使是较灵活的经济体，内部调整也永远慢于拥有本国汇率时的情形。因此，风险共担是防止衰退留下永久疤痕、刺激经济分化的关键。