Nevertheless, the risk of a severe recession – and of a serious banking and financial crisis – will ultimately force all G7 central banks to cut rates. The problem is that, especially outside the US, this monetary loosening will occur only when the G7 and global recession become entrenched.
固然，所有的G7国家都担心一般通货膨胀的临时上升，并且都威胁要提高利率。然而，严重衰退的风险——以及严重的银行和金融危机的风险——将会最终迫使所有的G7中央银行降低利率。问题是，特别在美国国外，货币的放松只有在G7和全球衰退变得难以改变才会发生。因此，政策反应对阻止衰退来说作用太小，并且太晚。