The surplus countries have the biggest room for manoeuvre.
盈余国的回旋余地是最大的。
Unless this is reversed, excess supply of surplus countries must also collapse.
除非发生逆转，盈余国家的过度供给也必将化为乌有。
Now a deficit country, America thinks surplus countries should adjust too.
现在，美国作为一个财政赤字国家，认为贸易顺差的国家也应该调整。
Much of the necessary expansion in global demand must come from surplus countries.
大量必须的全球需求扩张不得不来自那些盈余国家。
Another important lesson was that deficit countries outperformed surplus countries.
另一个重要历史教训是，赤字国家表现胜过盈余国家。
This does not seem either like a good thing for surplus countries or a bad thing for the US.
对于盈余国家来说，这看起来不象是件好事；而对美国来说，这看起来亦不象是件坏事。
The Chinese current-account surplus in 2008 was 21% of the combined total for surplus countries.
2008年中国的经常项目盈余占所有盈余国家总和的21%。
High up on the list of its priorities is the idea of demanding that surplus countries do more.
高居一系列优先事项前列的观点，是要求盈余国家做更多事情。
Surplus countries would do better to increase interest rates and allow their currencies to rise.
对于盈余国家来说，更适合的政策是提高利率和允许本币升值。
The thing that the authors put most emphasis on is the role of surplus countries in fixed exchange-rate schemes.
这两名作者强调最多的一点是顺差国家在固定汇率体制下能够发挥的作用。
They then examined those episodes for clues about the possible impact of similar moves by today’s surplus countries.
接下来他们细细研究了这些事件，以了解今天的盈余国家采取相似措施可能造成的影响。
They then examined those episodes for clues about the possible impact of similar moves by today's surplus countries.
接下来他们细细研究了这些事件，以了解今天的盈余国家采取相似措施可能造成的影响。
The solution is obvious: deficit countries must be allowed to refinance their debt on the same terms as surplus countries.
解决方案显而易见：必须允许赤字国家按照与盈余国家相同的条件，为自己的债务再融资。
But it is true that, within a single-currency zone, habitual surplus countries tend to be matched by habitual deficit ones.
但是现实如此，在一个统一货币区，通常盈余的国家总是被拿来与经常亏损的国家做对比的。
Germany and other surplus countries must do more to sustain growth, if need be by borrowing more when, as now, demand is weak.
德国和其他盈余国应该为了维持增长付出更多努力，如果需要，就要在像现在一样需求疲软的时候借入更多。
If the deficit countries blame the surplus countries for the crisis, they may just wait for the later to fix the problem.
如果赤字国将危机归罪盈余国，他们就会等待迟一些才解决问题。
But if domestic demand does not grow fast enough in surplus countries, this will lead to a weaker recovery in global growth.
但如果盈余国家国内需求的增长不够迅速，将导致全球增长复苏更加乏力。
The two big surplus countries in the rich world, Germany and Japan, are suffering deep recessions, which may bring them to the table.
发达国家中的两大盈余国德国和日本均陷入了严重的衰退，这也许会将它们带到谈判桌上来。
But the deficit is widening again, in part because China and other surplus countries are refusing to let their currencies adjust.
但是逆差又在扩大，一部分原因是因为中国及其它贸易顺差国拒绝调整他们的货币汇率。
The surplus countries with the most leeway to increase domestic spending - Japan and Germany, in particular - are not yet doing enough.
最有余地增加国内支出的顺差国家——特别是日本和德国——目前做得还不够。
The financing for the deficit came from surplus countries in Asia and Europe - in short, every major economy is part of the bubble .
填补赤字的资金来自在亚洲和欧洲的贸易顺差的国家-总之，每一个主要的经济都是泡沫的一部分。
That requires a reduction in the current account surpluses of surplus countries (or, much less probably, increases in deficits elsewhere).
这就要求盈余国家降低其经常账户上的盈余（或者，某个地方的赤字增加，这几乎是不可能的）。
In the short run, it is impossible to shift external balances quickly, particularly when domestic demand in the surplus countries is so weak.
短期而言，外部收支状况不可能很快发生改变，尤其是在盈余国家的内需如此疲弱之际。
One of the features of the post-crisis world is that the "surplus countries" - those who export more to other nations than they import - call the shots.
后危机时代的世界的一个特征是那些出口超出进口的“顺差国家”发号施令。
One of the features of the post-crisis world is that the "surplus countries" - those who export more to other nations than they import - call the shots.
后危机时代的世界的一个特征是那些出口超出进口的“顺差国家”发号施令。
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