The financial crisis of 2009 is morphing into the fiscal anxieties of 2010. This is particularly true inside the eurozone. Spreads between rates of interest on Greek bonds and German bunds touched 3.86 percentage points in late January (see chart). The risk has emerged of a self-fulfilling confidence crisis that would have dire consequences for other vulnerable members. Much attention has focused on what might happen if the crisis were not resolved, with talk of bail-outs, defaults or even exits from the euro. But what would need to be done to resolve the crisis, without such a calamity? It is the demand, stupid.
2009年的金融危機(jī)正在演變成2010年的財(cái)政焦慮，在歐元區(qū)尤其如此。1月下旬，希臘國(guó)債與德國(guó)國(guó)債的息差達(dá)到了3.86個(gè)百分點(diǎn)（請(qǐng)見(jiàn)圖表）。希臘目前有可能爆發(fā)一場(chǎng)自我實(shí)現(xiàn)的信心危機(jī)，進(jìn)而給其它脆弱的歐元區(qū)成員國(guó)造成可怕影響。迄今為止，人們把大部分注意力集中在了這樣一個(gè)問(wèn)題上：如果危機(jī)沒(méi)有被排除，將會(huì)發(fā)生什么？在這方面有各種說(shuō)法，包括紓困、違約甚至退出歐元區(qū)。但我們?cè)鯓硬拍芘懦C(jī)、避免這樣的災(zāi)難？傻瓜，答案是需求。