First, not everything that Germany is arguing is wrong: the urgent need for medium-term fiscal consolidation and structural reforms to increase the crisis countries’ competitiveness will not go away. Equally important, however, is the reduction of economic imbalances and European policy coordination to enable growth.
但不管德国的惨败是多么大快人心，人们仍不能对它掉以轻心。首先，德国所要求的东西并非一无是处：中期财政整合的迫切需要和旨在增加危机国家竞争力的结构性改革的需要不会就此消失。不过，同样重要的还有减轻经济失衡以及提振增长的欧洲政策合作。