Thus, with supply-side factors no longer driving global growth, we must reassess our expectations of what monetary and fiscal policies can achieve. If actual growth is already close to potential growth, then continuing the current fiscal and monetary stimulus will only create more bubbles, exacerbate sovereign-debt problems, and, by reducing the pool of global savings available to finance private investment, undercut long-term growth prospects.
因此，在供给面因素不再能够驱动全球增长的情况下，我们必须重估我们队货币和财政政策所能实现的效果的预期。如果实际增长已经接近潜在增长，那么持续当前的财政和货币刺激只能产生更多泡沫、恶化主权债务问题，并减少可用于私人投资融资的全球储蓄，从而破坏长期增长前景。