In Europe, growth this year will largely reflect the impact of financial stabilization, not deep structural reforms. With interest-rate spreads having compressed sharply, and with the threat of a meltdown averted, both domestic and foreign investors continue to return to peripheral economies, thereby alleviating severe credit rationing.
在欧洲，本年度的增长将在很大程度上反映出财政稳定政策的影响，而不是深度的结构性改革。随着利率波动范围被大幅压缩，同时经济崩溃的威胁解除，国内外投资者都在持续重返外围经济体，并因此缓解了严峻的信贷紧缩状况。这显然是好消息，尤其如果稳定政策的来源不再是欧洲央行的非常规政策，而转化为一个更为持久的内生性资产负债表修复，并广泛涵盖金融机构，非金融企业和家庭。