But this view misses the real reason why capital flowed into emerging markets over the last few years, and why the external accounts of so many of them have swung into deficit. The real culprit is the euro.
但这一观点并没有击中过去几年资本流入新兴市场、如此多的新兴市场国家对外账户转为赤字的原因。真正的罪魁是欧元。