In the second quarter of this year, real domestic demand in the eurozone was 5 per cent lower than in the first quarter of 2008. The eurozone’s unemployment rate has risen by just under 5 percentage points since 2008. In the year to July 2014, consumer price inflation in the eurozone was 0.4 per cent. From these telling facts one can conclude three simple things: the eurozone is in a depression; lack of demand has played a crucial role; and the European Central Bank has failed to deliver on its own price-stability target. This is not just sad. It is dangerous. It is folly to assume continued stability if economic performance does not improve.
與2008年一季度相比，今年第二季度歐元區實際內需下降了5%。自2008年以來，歐元區失業率上升了近5個百分點。在截止2014年7月的一年裏，歐元區消費者價格指數上漲0.4%。人們可以從這些明顯的事實推斷出3個簡單的結論：歐元區經濟不景氣；需求不足是關鍵因素；歐洲央行(ECB)未能完成其穩定價格的目標。這不僅令人遺憾，而且還很危險。如果經濟表現沒有改善的話，認爲物價能夠保持穩定是愚蠢的。