Moreover, major advanced economies, such as the United States, Germany, and Japan, face longer-term fiscal problems in the form of aging populations or oversize welfare states, limiting their capacity to contribute to demand management. Recent moves to ease monetary policy have been a step in the right direction; but, so far, they have not proved to be a game changer.
此外，美国、德国和日本等主要发达国家面临老龄化、福利国家规模太大等长期财政问题，制约着它们的需求管理能力。当前的货币宽松政策方向是对的，但到目前为止并没有起到扭转局势的作用。