Europe as a whole seems intent on one-size-fits-all austerity, despite limping output and very low inflation. 作为一个整体,欧洲似乎有意实施“一刀切”式的紧缩,而不理会其跛脚的产出和极低的通胀水平。
The Committee is certainly aware that very low inflation poses risks to economic performance – for example, by raising the real cost of capital investment – and increases the risk of outright deflation. 委员会当然意识到,超低的通胀率对经济表现构成风险&比如说提高了资本投资的实际成本,也增加了完全通缩的风险。
But for economies with very low inflation, such as Switzerland and Japan, the rising currencies are sparking renewed worries about inflation. 但对瑞士和日本等通胀率很低的经济体而言,货币升值则再次引发人们关于通胀的担忧。
Very low inflation also reduces the effectiveness of monetary policy when growth slows since interest rates cannot go below zero. 此外,当经济增长放缓时,超低通胀会降低货币政策的效力,因为利率无法降至零以下的水平。
Meanwhile, a weak economic outlook and very low inflation have raised doubts about whether Greece, Spain and others can cut deficits enough even if they make all the right political choices. 与此同时,在经济前景较弱及通胀非常低的背景之下,人们怀疑希腊、西班牙及其它国家是否能够削减足够多的预算,即便他们做出所有正确的政治选择。