The world economy is entering a new phase after the failure of fiscal stimulus to create a sustained recovery in either the US or Europe. In the US, consumers have retrenched, housing starts have crashed and a double-dip recession is possible. In Europe, fiscal retrenchment is under way after intense market pressures. A new approach to recovery is needed.
在財政刺激未能讓美國和歐洲實現可持續復甦後，全球經濟進入了一個新階段。在美國，消費者已緊縮支出，同時新屋開工數大幅下降。美國很可能會陷入雙底衰退。由於市場壓力巨大，歐洲正在實施財政緊縮。人們需要找到一種實現復甦的新辦法。
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