If the eurozone unemployment rate is still too high by the end of 2016, annual inflation remains well below the ECB’s 2% target, and fiscal policies and structural reforms exert a short-term drag on economic growth, the only game in town may be continued quantitative easing. But the ongoing weakness of the euro – fed by such policies – is fueling growth in the eurozone’s current-account surplus.
如果欧元区失业率在2016年底仍处于过高水平，年通胀仍低于欧洲央行2%的目标，而财政政策和结构改革又造成短期的经济增长拖累，那么唯一的办法只能是继续量化宽松。但欧元的持续贬值——拜这些政策所赐——刺激了欧元区经常项目盈余增长。