Global imbalances are about to jump again. New estimates from the Organisation for Economic Co-operation and Development suggest that the sharp decline in the exchange rate of the euro, along with tepid European growth, will produce eurozone surpluses of at least $300bn (€251bn, £208bn) annually within the next few years. The tightening of fiscal policies throughout Europe in response to the crisis, along with the new balanced budget amendment in Germany, will both depress domestic demand and require easier monetary policy that will weaken the euro further.
全球失衡即將再次加劇。經合組織(OECD)的最新估計顯示，歐元匯率大幅下跌，加之歐洲經濟的溫和成長，將讓歐元區在未來幾年每年產生至少3000億美元的盈餘。整個歐洲面對危機而實施的財政緊縮政策，以及德國通過的新平衡預算修正案，都將抑制內部需求，要求實施更寬鬆的貨幣政策——這將進一步削弱歐元。
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