The only available monetary-policy tool is to change collectively the euro’s value relative to outside currencies. But use of this tool is constrained by the wide discrepancies among individual countries’ appetite for inflationary or deflationary price levels.
和日本不同，欧元区国家没有实施果断的货币政策措施并非它们的可选项。它们唯一可用的货币政策工具只有集体改变欧元相对外部国家的价值。但这一工具的使用有一个制约因素：个体国家对价格通胀或通缩水平的忍受力大相径庭。