Since the eurozone is committed to austerity, its only recourse is protectionism. Meanwhile, China’s policy of slowly letting the renminbi rise against the dollar might well go into reverse, provoking US protectionism.
欧元将向过高估值持续迈进，正如1930年代的金本位国家集团那样。由于欧元区奉行紧缩政策，因此它唯一的资源就是保护主义。与此同时，中国令人民币兑美元缓步升值的政策将收到反效果，最终进一步刺激了美国的贸易保护主义。