In the next few months, Europe’s debt crisis will most likely worsen. With emerging economies (including China) slowing, and with meaningful multilateral policy coordination remaining inadequate, protectionist pressures will mount as major trading powers compete for a stagnant pie.
美国经济运行的全球环境也越来越困难。在未来几个月中，欧洲债务危机极有可能会继续恶化。由于新兴市场（包括中国）的减速，同时有意义的多边政策协调始终不够充分，主要贸易大国将竞争一块不再变大的饼，因此保护主义压力将会大增。