But if Europe does not adopt some combination of the first three options as policy goals over the next five years, it will face a stark choice: either lost decades for southern Europe (and perhaps northern Europe as well), or continued north-south payment imbalances that will have to be financed through fiscal transfers – that is, by taxing the north.
可如果欧洲不在今后五年内采取前三项目标政策，就无法避免做出艰难的选择：或者接受南欧失去的10年（也许北欧也无法幸免），或者通过财政转移继续让南北支付失衡存在下去——而这等同于向北欧收税。