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。
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。
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。
Countries that have lived beyond their means may feel a justifiable remorse as their booms turn to bust. Surplus countries are simply stupefied by their plight.
当繁荣破灭时，入不敷出的国家可能感到有理由自责，盈余国家则对他们的困境目瞪口呆。
To adjust upwards, the surplus countries would have to expand their spending to fill the vacuum left by American consumers and housebuilders, but that does not seem likely.
为了调节经济使其保持增长，盈余的国家必须扩大他们的支出以填满由美国消费者及房屋制造者造成的空白，但那似乎并不可能。
Deficit countries cannot be expected to spend their way into bankruptcy, while surplus countries condemn as profligacy the spending from which their exporters benefit so much.
不可能指望赤字国家花钱花到破产，同时，顺差国家还在指责这是铺张浪费，尽管它们的出口企业从中获利丰厚。
If it is going to be through contractions in supply, the surplus countries are particularly at risk, since they depend on the willingness of deficit countries to keep markets open.
如果是通过供给收缩，盈余国家就尤其危险了，因为他们依靠赤字国家保持市场开发的意愿。
If it is going to be through contractions in supply, the surplus countries are particularly at risk, since they depend on the willingness of deficit countries to keep markets open.
如果是通过供给收缩，盈余国家就尤其危险了，因为他们依靠赤字国家保持市场开发的意愿。
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