As fiscal austerity and asymmetric adjustment have taken their toll on economic performance, monetary policy has borne the burden of supporting faltering growth via weaker currencies and higher net exports. But the resulting currency wars are partly a zero-sum game: If one currency is weaker, another currency must be stronger; and if one country’s trade balance improves, another’s must worsen.
财政紧缩和不对称调整已经对经济表现产生了影响，因此货币政策承担了通过货币贬值和提高净出口支持弱势增长的重任。但由此导致的货币战争在某种程度上是一个零和博弈：如果一种货币贬值，必有另一种货币升值；如果一国贸易盈余改善，必有另一国贸易盈余恶化。