OXFORD – It is now a near certainty that, by the end of this year, falling energy and commodity prices will push annual inflation in the eurozone below zero – well under the European Central Bank’s target of near 2%. Rather than continue to allow misguided conventional thinking, centered on German economic ideology, to impede effective action, the ECB must pursue quantitative easing (QE) “for the people” – an adaptation of Milton Friedman’s “helicopter drops” strategy – to reverse deflation and get the eurozone back on track.
牛津—接近年底，能源和商品价格下跌将欧元区年通胀率压至零以下几乎已成定局——远远低于欧洲央行近2%的目标。欧洲央行应该停止让误导性传统思维——以德国经济思想为核心——继续阻挠有效行动，而必须采取“为人民”的量化宽松——米尔顿·弗里德曼（Milton Friedman）的“直升飞机撒钱”策略的改版——扭转通缩、让欧元区重回正轨。