Last, but not least, the eurozone authorities misread the confidence factor. In theory, simultaneous fiscal consolidation and supply-side reform facilitates economic recovery, because it increases confidence among consumers and investors, thereby inducing higher spending and production.
第四，欧元区当局误读了信心因素。从理论上说，同时进行财政整固和供给面改革有利于经济复苏，因为这会增加消费者和投资者信心，从而带来更高的支出和产量。但对于一个不完美运行的货币联盟，这并不一定必然发生。欧元区正是如此，持续的系统性缺陷侵蚀了信心。而在这样的环境下，其结果可能是囤积和资本外流，而不是支出增加。