At the same time, the euro exchange rate – the one mechanism whereby current policies could still make a difference – cannot be pushed down much further. For starters, given the eurozone’s huge trade surplus, doing so would incur strong international resistance.
与此同时，欧元汇率——货币政策仍能造成不同的领域——已无法进一步下降。首先，欧元区存在巨大的贸易盈余，欧元贬值会招致强烈的国际抵制。此外，美联储购买资产自持证券的能够刺激消费支出的机制——低按揭利率、方便的住房再融资、高房价和房屋权益收回——在欧洲都有所不同。