Before the advent of the euro, there were many fiscal crises in individual nation-states in southern Europe, which produced waves of high inflation. But, with the single currency in place, the road to solving a fiscal crisis through inflation has been closed, as the European Central Bank (ECB) now stands watch over monetary policy.
我们回头看看欧洲吧。欧元启用前，南部欧洲各国多次发生财政危机，导致高通胀一波接一波。但是，施行单一货币之后，通过通货膨胀解决财政危机的路子被堵死了，因为现在由欧洲中央银行（ECB）统一监督货币政策。