Even if the euro crisis is resolved, austerity in Europe, along with anemic growth or worse in the US, will mean a slowdown in export-dependent Asia. But Asia’s economies can still grow much faster than the developed West if they respond to prolonged stagnation by rebalancing their growth toward internal demand, especially household consumption.
因此，脱钩的构想完全是镜花水月。即使欧元危机得到了解决，欧洲的紧缩和美国的疲软仍意味着依赖出口的亚洲会减速。但亚洲经济体仍能以比发达西方快得多的速度增长，如果它们通过转向内需（特别是家庭消费）实现增长再平衡以应对出口的长期停滞的话。好消息是，这些经济体有很大的再平衡空间，也有足够的政策灵活度来实现它。