There is a further risk for Europe: If the ECB focuses too much on inflation, while the Fed tries to stimulate the US economy, interest-rate differentials will lead to a stronger euro (at least relative to what it otherwise would be), undermining Europe’s competitiveness and growth prospects.
欧洲还有令一个风险：如果欧洲央行过度关注通胀，那么当美联储试图刺激美国经济时，利差会导致欧元升值（至少相对于不那么做的情形），从而破坏欧洲的竞争力和增长前景。