The pace of deficit reduction must be slowed, particularly in Spain, because output is determined in the short run by demand, and private demand cannot replace public demand until a degree of faith in the future is restored. This move toward support of effective demand must be combined with the kind of structural reforms that will allow more rapid, supply-side growth in the longer term.
削减赤字的步伐必须放缓，特别是在西班牙，因为产量在短期内由需求决定，而除非对未来的信心在一定程度上得以恢复，否则私人需求就无法替代公共需求。上述支持有效需求的行动从长远看必须与能实现快速供应增长的结构性改革相结合。