The financial crisis of 2009 is morphing into the fiscal anxieties of 2010. This is particularly true inside the eurozone. Spreads between rates of interest on Greek bonds and German bunds touched 3.86 percentage points in late January (see chart). The risk has emerged of a self-fulfilling confidence crisis that would have dire consequences for other vulnerable members. Much attention has focused on what might happen if the crisis were not resolved, with talk of bail-outs, defaults or even exits from the euro. But what would need to be done to resolve the crisis, without such a calamity? It is the demand, stupid.
2009年的金融危机正在演变成2010年的财政焦虑，在欧元区尤其如此。1月下旬，希腊国债与德国国债的息差达到了3.86个百分点（请见图表）。希腊目前有可能爆发一场自我实现的信心危机，进而给其它脆弱的欧元区成员国造成可怕影响。迄今为止，人们把大部分注意力集中在了这样一个问题上：如果危机没有被排除，将会发生什么？在这方面有各种说法，包括纾困、违约甚至退出欧元区。但我们怎样才能排除危机、避免这样的灾难？傻瓜，答案是需求。