There are some things that reasonable people can largely agree on regarding the eurozone’s problems: the monetary area is stuck in a crisis that has brought about unbearable unemployment to southern Europe. That problem cannot be solved satisfactorily through deflation since that would make bankruptcies soar among over-indebted households and companies. The crisis was triggered by the US financial turmoil and Germany accumulated large current account surpluses after the introduction of the euro that are the mirror image of the distressed countries’ deficits.
在欧元区问题上,理性的人们在几个方面大体上可以达成共识:该货币区深陷危机,给欧洲南部国家带来了难以承受的失业率。通缩不是解决问题的理想方法,因为它会让债台高筑的家庭和企业大规模破产。危机肇始于美国金融动荡。德国在欧元问世后积累了大量经常账户盈余,与此相对应的是困境国家的赤字。