In fact, those who advance this view – which is the most powerful obstacle to radical ECB action – have their analysis upside down. Under current conditions, with the inflation rate dangerously close to zero, governments are reluctant to do anything that increases the risk of deflation.
事实上，持这一观点的人——他们是欧洲央行采取激进行动的最强大的障碍——采用了自上而下的分析。在当前条件下，通胀率接近于零，这一情况十分危险，政府不愿采取任何可能增加通缩风险的动作。而从短期看，结构改革和财政整合都有通缩作用。