Moreover, with fiscal austerity likely to restrain aggregate demand in the years ahead, and with capital-short banks likely to curtail lending – a serious problem for Europe’s bank-centric system of credit intermediation – a pan-European recession seems inevitable. The European Commission recently slashed its 2012 GDP growth forecast to 0.5% – teetering on the brink of outright recession.
此外，财政紧缩可能在未来数年内影响总需求，资本短缺的银行可能收紧信贷——这对欧洲的以银行为中心的信用中介体系来说是个严重问题——泛欧洲衰退已成不可避免之势。欧洲委员会最近将其2012年GDP增长预测调低到了0.5%，在全面衰退边缘摇摇欲坠。官方预测数据在未来极有可能进一步调低。