That also means that Germany and the ECB have less power than they seem to believe. Unless they abandon asymmetric adjustment (recessionary deflation), which concentrates all of the pain in the periphery, in favor of a more symmetrical approach (austerity and structural reforms on the periphery, combined with eurozone-wide reflation), the monetary union's slow-developing train wreck will accelerate as peripheral countries default and exit.
这也意味着德国和欧洲央行的权力要比人们认为的要小。除非它们放弃让外围国承受所有痛苦的不对称调整（衰退性通缩），采取更加对称的办法（外围国实施紧缩和结构性改革，同时在整个欧元区实施再通胀政策），否则货币联盟的缓慢出轨过程将随着外围国的违约和退出而加速。