To my mind, using Germany’s balance sheet to help its neighbors directly is far more likely to work than is the presumed “trickle-down” effect of a German-led fiscal expansion. This, unfortunately, is what has been lost in the debate about Europe of late: However loud and aggressive the anti-austerity movement becomes, there still will be no simple Keynesian cure for the single currency’s debt and growth woes.
在我看来，利用德国资产负债表来直接援助其邻国比起假定中由德国主导的财政扩张所引发的“涓滴”效应更可能起作用。但不幸的是，近来关于欧洲的争论中正是缺乏这一点：不管反紧缩运动变得多么声势浩大，凯恩斯主义都不可能是解决单一货币债务和经济增长灾难的灵丹妙药。