For both Europe and America, the danger now is that politicians and markets believe that monetary policy can revive the economy. Unfortunately, its main impact at this point is to distract attention from measures that would truly stimulate growth, including an expansionary fiscal policy and financial-sector reforms that boost lending.
对欧洲和美国来说，现在的危险是政客和市场相信货币政策可以拯救经济。不幸的是，目前货币政策的主要效应将是将人们的注意力从真正可以刺激增长的措施（包括扩张性财政政策和提振贷款的金融部门改革）上移开。