But fiscal stimulus is constrained within the eurozone, where member countries no longer issue their own currency and “sovereign” debt therefore carries a default risk. Aggressive monetary expansion through quantitative easing is also far more complicated and politically contentious in a currency area with no federal debt for the central bank to buy.
但财政刺激却在欧元区受到了限制，欧元区成员国不再发行本国货币，因此“主权”债务有了违约风险。通过量化宽松实现的激进的货币扩张在欧元区也更加复杂、更具政治正义性，因为作为货币区的欧元区不存在可供中央银行购买的联邦债务。要摆脱困境，实现复苏，欧元区就需要更加集中化，拥有一些共同财政收入、支出和债务。