The road to fiscal hell is sometimes paved with the best intentions. As Europe’s politicians seek to win electorates round to brutal budget cuts, they would do well to look to the experience of Japan, which shows how counter-productive austerity can be in a post-bubble recession.
有時候，反而是最良好的動機掃清了通往財政「地獄」之路。歐洲政客們正試圖贏得選民的同意，讓他們反過來支持嚴厲的預算削減。此時不妨借鑑一下日本的經驗——它向我們展示了，在泡沫破裂後的衰退中，緊縮政策會如何起到適得其反的作用。
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