The road to fiscal hell is sometimes paved with the best intentions. As Europe’s politicians seek to win electorates round to brutal budget cuts, they would do well to look to the experience of Japan, which shows how counter-productive austerity can be in a post-bubble recession.
有时候，反而是最良好的动机扫清了通往财政“地狱”之路。欧洲政客们正试图赢得选民的同意，让他们反过来支持严厉的预算削减。此时不妨借鉴一下日本的经验——它向我们展示了，在泡沫破裂后的衰退中，紧缩政策会如何起到适得其反的作用。
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