MILAN – A rapid and large increase of government debt has been a general phenomenon in the advanced countries since the 2007-09 crisis: for the first time, the average debt/GDP ratio for OECD countries has surpassed 100%. Fiscal consolidation will weigh on growth prospects for two generations to come, and the welfare state as we have known it in Europe since World War II will have to be transformed, especially given a rapidly aging population.
米兰——2007-09年危机爆发后，政府债务的迅速大量增加已经成为发达国家的一种普遍现象：经合组织国家平均债务在GDP中的占比首次超过了100%。今后两代人在经济发展当中均需要面对财政整顿的难题，尤其是在人口老龄化迅速推进的前提下，二战以来我们所熟悉的欧洲福利国家将被迫面临转型。