Without a much easier monetary policy and a less front-loaded mode of fiscal austerity, the euro will not weaken, external competitiveness will not be restored, and the recession will deepen. And, without resumption of growth – not years down the line, but in 2012 – the stock and flow imbalances will become even more unsustainable.
除非大幅放松货币政策、减少先行财政紧缩，否则欧元就不会贬值，外部竞争力就得不到重塑，衰退就会深化。而不能重回增长——不是说几年后，而是说2012年——存量和流量失衡就将变得更加不可持续。更多的欧元区国家将被迫重组其债务，最终，将有一些国家选择退出货币联盟。