There will, after all be inflation in southern and eastern Europe – there must be, for as regions develop and industrialize their terms of trade must improve, and under a monetary union regional inflation is how this can happen. The ECB should not try to balance inflation in the south and east with deflation in the north in order to hit artificial continent-wide targets.
毕竟在南欧和东欧还是会出现通胀—这是必然的。因为随着各地区的发展和工业化，它们的贸易条件必须得到改善，而在货币联盟当中，地区性通胀是实现这一目的的手段。欧洲央行不应该为了实现人为的欧洲大陆范围内的目标，就以北欧的通货紧缩来平衡南欧和东欧的通货膨胀。