For the past 200 years, with the exception of the Great Depression, major financial crises originated in poor and unstable countries, which then needed major policy adjustments. Today’s crisis started in rich industrial countries – not only with sub-prime mortgages in the United States, but also with mismanagement of banks and public debt in Europe.
普林斯顿——一次危机就是一次学习的机会。过去的200年里，除了大萧条这个例外，历次大的金融危机都是在穷国和不稳定的国家爆发的，促使它们进行大规模的政策调整。如今，危机却是从富国开始的——不仅源自美国的次贷，而且还源自欧洲失控的银行和公债管理。那么，欧洲该吸取什么教训？这些教训对世界其他地方又有什么警示呢？