問題解決ではなく、問題解決に向けての地ならし
今回の欧州介入で、自分が一番納得出来る説明はこれ。
FT: The smell of burnt fingers wafts across Europe…
These initiatives are designed to only smooth the path of the significant structural adjustments that the euro area economy has to undergo in order to correct its current internal imbalances, it will not solve the problems. Peripheral countries have experienced significant losses in competitiveness due as their inflation outpaced inflation in countries within and outside the euro area. Therefore, they need real exchange rate depreciation and cannot rely on a . . . significantly lower EUR to achieve this. Instead, they will have to experience (potentially significant) deflation. They will also have to undertake some tough microeconomic reforms to improve their competitiveness.
