First, we must accept that austerity measures, necessary to avoid a fiscal train wreck, have recessionary effects on output. So, if countries in the eurozone’s periphery are forced to undertake fiscal austerity, countries able to provide short-term stimulus should do so and postpone their own austerity efforts.
首先，我们必须接受这一现实：紧缩措施虽然对于避免财政脱轨而言必不可少，但对产出却有着抑制效应。因此，如果欧元区外围国家被迫采取财政紧缩，有条件实施财政刺激的国家就不能首鼠两端，必须停止紧缩。这些国家包括美国、英国、德国、欧元区核心国以及日本。金融业所需要的公共基础设施——基础设施银行也必须建立起来。