If the new social contract cannot be forged Europe-wide, it must at least apply to the eurozone to enable the necessary structural reforms. Otherwise, given that the politics and economics of eurozone reform are inseparably linked, fiscal expansion could prove to be as ineffective as efforts by monetary policymakers to foster growth.
如果不能在全欧洲水平上建立新的社会契约，也必须在欧元区使用以使必须的结构性改革得以进行。否则，由于欧元区改革的政治和经济之间存在不可分割的联系，财政扩张将与货币决策者的努力一样对提振增长毫无效果。