Given that Germany and even France can borrow at record-low interest rates, any reasonably well-designed investment program will strengthen the public sector’s balance sheet. And, with the eurozone running a current-account surplus of nearly $350 billion – which the euro’s recent decline will bolster further – there is no risk of a eurozone-wide balance-of-payments crisis.
德国甚至法国能够以创纪录的低利率借到钱，因此任何设计合理的投资计划都能够增强公共部门的资产负债表。此外，欧元区经常项目盈余接近3,500亿美元——最近欧元对美元贬值还会进一步提振经常项目盈余——因此不存在泛欧元区的收支平衡危机。