Financial crises have devastating impacts on the public finances. The impact is also most severe where the pre-crisis excesses were greatest. Among members of the Group of Seven leading high-income countries, this means the bubble-infected US and UK. The question both countries confront is how soon and how far to tighten. Tightening will have to be substantial. But premature action could be a devastating error.
金融危机对公共财政状况具有破坏性影响。危机爆发前财政超支最严重的国家，所受冲击也最为深重。对于七国集团(G7)的成员国而言，这指的是受到泡沫影响的美国和英国。两国面临的一个共同问题是：何时开始收紧，以及收紧到何种程度。财政紧缩必须是实质性的，但过早行动可能会是毁灭性的错误。
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