许多经济学家担心的恰恰相反：假如政策偏紧而通货紧缩，通过削减利率来促进消费将更加困难。

Many economists fear the opposite: if policy is kept too tight and deflation takes hold it will become harder to induce spending by cutting rates.

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两种担忧都不可小视，区别在于通货膨胀还很遥远并且可控，而通货紧缩却已迫在眉睫，且后患无穷。

There is something to both fears. But inflation is distant and containable, while deflation is at hand and pernicious.

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作为欧元成员国，这些国家必须通过通货紧缩而重新获得竞争能力，这就意味着要遭受所有的痛苦。

For membership in the euro means that these countries have to deflate their way back to competitiveness, with all the pain that implies.

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