By contrast, the defining event shaping European monetary policy is the hyperinflation of the 1920’s, filtered through the experience of the 1970’s and 1980’s, when central banks were enlisted once again to finance budget deficits – and again with inflationary consequences. Indeed, delegating national monetary policies to a Europe-wide central bank was intended to solve precisely this problem.
相比之下，塑造欧洲货币政策的决定性事件是1920年代的恶性通货膨胀，再结合1970~1980年代的经验，当时各国央行再次被召集起来为预算赤字融资——并再一次引发了通货膨胀的后果。事实上，把国家货币政策委托给欧洲央行正是为了解决这个问题。