The ECB should pursue a much looser monetary policy to jump-start growth, with a weaker euro to help boost the periphery’s competitiveness. In addition, Germany should delay its fiscal consolidation; if anything, it should cut taxes for a couple of years to boost its own growth and – via trade – that of the periphery.
不幸的是，财政瘦身和结构改革具有引发衰退和通缩的效果——至少短期上是如此。所以需要有其他政策来重振增长。欧洲央行应大大放松货币政策，推动一波增长，为启动改革做准备。此外，德国应延后本国的财政巩固，它应该维持若干年的减税政策，以促进本国经济增长，并通过贸易支持外围国家的增长。