The two tectonic shifts in the global economy – slower GDP growth and increased emerging-market competition – have created a fault line that runs through Europe. The technical lead held by Europe’s traditional trading economies is being eroded, while wage competition is encouraging fears of deflation.
全球经济的两大构造变迁——GDP增长放缓和新兴市场竞争加剧——形成了一条贯穿欧洲的断层线。欧洲传统贸易经济所保持的技术优势正在消失，而工资竞争助长了通缩恐慌。此外，欧元区债务最重的经济体承受了这些变迁的主要影响，意大利更是首当其冲。