Japan’s experience holds important lessons for Europe, the main one being that stimulus policies, though necessary in the short run to support demand, cannot address long-term structural deficiencies. If Abenomics 2.0 fails to embrace deep structural reform, it will fare no better than the original.
日本的经验给欧洲带来了重要教训，其中最主要的一个是，刺激政策尽管对于短期支持需求必不可少，但无法解决长期结构性缺陷。如果安倍经济学2.0不能采取深刻的结构性改革，也不会起到比1.0好的效果。