Even if public debt is not growing as fast as before, the huge volume of existing debt must be repaid. The best cure would be controlled higher inflation – that is, the aforementioned temporary increase in the inflation target – to erode the real value of public debt and forestall the risk of a much more damaging inflationary shock later, one in which expectations become unhinged.
即便公债增长不如从前那样快，巨大的存量债务也必须偿还。最佳解决办法是有控制的高通胀——即上面所提到的临时性提高通胀目标——以减少公债的实际价值、切断日后发生伤害更大的通胀性冲击（此时预期将完全错乱）的风险。