None of these lessons should be lost on either Europe or the US. While individual countries obviously lack currency flexibility in a monetary union – one of Europe’s most obvious and important differences from Asia in the late 1990’s – there is nothing to prevent a depreciation of the euro from boosting pan-regional competitiveness.
美欧两方都不应该忽视上述任何一个教训。虽然在一个货币联盟中单一国家很显然缺乏货币方面的灵活性——而这也是欧洲与1990年代末的亚洲最明显而重要的区别——但为了刺激整个区域的竞争力也不应阻止欧元贬值。而这一点当然也适用于美元。