Moreover, Europe lacks the governance institutions needed to choose the easiest path to manage economic rebalancing: moderate inflation in the north, rather than grinding deflation and universal bankruptcy in the south. The European Union’s institutional design amplifies the voices of those interests pushing for policies that have now set Europe on the deflationary road, thus all but guaranteeing lost decades during which the EU will fail to deliver growth and prosperity.
此外，欧洲缺乏选择管理经济失衡的最易路径——北部温和通胀，而非南部无休止的通缩和普遍破产——的治理制度。欧盟的制度设计增强了那些推动如今将欧洲推上通缩之路的政策的利益集团的声势，因此几乎确定会将欧洲拖入无法实现增长和繁荣的失落十年之中。