Consider the problem that would be posed by the eurozone – an economy that faces major challenges in reconciling its members’ divergent monetary, fiscal, and exchange-rate needs. Germany’s current-account surplus has stood near 7% of GDP – bigger than China’s – for two years, and is likely to grow even larger, owing to the euro’s recent depreciation.
以欧元区可能造成的问题为例。欧元区经济面临着协调成员国各不相同的货币、财政和汇率需要的艰巨挑战。两年来，德国经常项目盈余相当于GDP的近7%——比中国还要大，并且有可能继续增加，因为欧元最近在贬值。与此同时，其他大部分欧元区国家最近被迫收紧财政政策，因而减少或消灭了经常项目赤字。