As a result, large – and potentially unsustainable – stocks of private and public debt remain. Moreover, given aging populations and low productivity growth, potential output is likely to be eroded in the absence of more aggressive structural reforms to boost competitiveness, leaving the private sector no reason to finance chronic current-account deficits.
毕竟，停滞和彻底衰退——在前期施行的财政紧缩、强势欧元以及正在持续的信贷危机的影响下不断恶化——成了欧洲经济的常态。结果，大量且潜在不稳定的私人股票和公共债务依然存在。此外，鉴于人口老龄化和低生产率增长，且缺乏用以提高竞争力的更激进结构性改革，潜在产出很有可能会被侵蚀，这就使得私人企业没有理由去支持长期的经常项目赤字。