These two mistakes compounded each other: If the negative impact of austerity on economic growth is greater than was originally assumed, and the positive impact of quantitative easing is weaker, then the policy mix favored by practically all European governments has been hugely wrong. There is much greater scope for fiscal stimulus to boost growth, and much smaller scope for monetary stimulus.
这两种错误相互作用：如果紧缩对经济增长的负面影响比原先估计的要大，而量化宽松政策的积极影响比估计的要弱，那么几乎所有欧洲政府偏爱的政策组合就是一个巨大的错误。财政刺激促进经济增长的余地很大，而货币刺激就没那么有用。