Riots, debts and the creeping fear of a looming Lost Decade – no wonder there is pessimism in Europe. But what we are seeing is not just “financial crisis, part two”; it is “sustainable growth challenge, part one”. The difference has implications for policy. Get the diagnosis wrong and the wrong treatment will follow.
骚乱、债务以及对“失落的十年”即将来临的担忧日益加剧——难怪欧洲人感到悲观。但我们眼下看到的不仅仅是“金融危机，下半场”；还是“可持续增长挑战，第一幕”。这中间的区别对政策会有一定影响。诊断失误，就会导致疗法出错。
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