Nowhere is this clearer than in the eurozone, which has officially adopted a policy of austerity – cuts in government spending that augment weaknesses in private spending. The eurozone’s structure is partly to blame for impeding adjustment to the shock generated by the crisis; in the absence of a banking union, it was no surprise that money fled the hardest-hit countries, weakening their financial systems and constraining lending and investment.
欧洲是最显著的例子。欧洲正式采取了紧缩政策——减少政府支出导致私人支出愈加疲软。欧元区的结构制约了其面对危机冲击时的调整；没有银行联盟，资金逃出冲击最严重国家、削弱它们的金融系统、制约它们的贷款和投资能力也就不足为奇了。