But can Europe deliver? The obstacles are daunting. The fiscal room for manoeuvre varies greatly among the member states. The political weights attached to a fiscal stimulus and to fiscal sustainability clearly differ among the core countries, France and Germany in particular. The high degree of economic integration implies strong incentives to free-ride. Reaching a differentiated agreement on who does what could take months if not years, while the urgency is to act now. We therefore propose a three-part European recovery programme.
但歐洲能做到這點嗎？面前的障礙令人畏縮。歐盟各成員國運用財政政策的空間大有不同。核心國家在財政刺激和財政可持續性上的政治權重明顯不同，尤其是法國和德國。高度的經濟一體化隱含強烈的搭便車動機。就各國任務分配達成差異化協議可能需要數月時間，如果不是幾年的話。然而，現在需要緊急採取行動。因此，我們提出了一個歐盟復甦計劃，分爲三部分：
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