MUNICH – As economic recovery finally begins to take hold in Europe, the imperative for policymakers is to ensure that growth can be sustained far into the future. Fiscal and monetary stimulus may have been appropriate at the peak of the crisis, but they will do little to address the biggest threat to the continent’s long-term prospects: a toxic twosome of weak demographics and low investment.
发自慕尼黑——随着经济复苏终于开始在欧洲占据上风，决策者的当务之急是确保增长可以持续到久远的将来。财政和货币刺激政策在危机高峰期可能是恰当之举，但却无助于应对欧洲大陆的长期发展前景的最大威胁：祸不单行的弱势人口结构和低投资额。