The prevailing strategy in Europe remains simply to force internal devaluation on the southern countries, with excessive austerity aimed at causing severe wage and price deflation. While some internal devaluation is being achieved, it is producing so much economic and social dislocation – and, increasingly, political upheaval – that there is no supply response, despite the accompanying structural reforms.
几乎在原地踏步的领域是宏观经济政策组合的改变。欧洲主流战略仍是强迫南欧国家进行内部贬值，实施旨在引导工资和价格大通缩的过度紧缩。某些内部贬值目标已经实现，但造成了大规模的经济和社会混乱——政治局势也开始日渐趋乱，以至于尽管实施了相应的结构性改革，仍然没有带来供给面的反应。