In principle, such a depreciation against all of the world’s currencies is manageable. But if emerging markets force Europe to take all the adjustment, the results would be catastrophic, pushing up the euro to $1.50, $1.60 or beyond, with truly dire consequences for trade.
原则上，这种对全世界所有货币的贬值是可控制的。但是如果新兴市场迫使欧洲承接所有的调整，结果将是灾难性的，欧元对美元的比价将达到1.5、1.6甚至更到，这对贸易将造成绝对可怕的后果。