MILTON FRIEDMAN: the situation was this: the only way you could get the inflation down was by having monetary contraction. There was no way you could do that without having a temporary recession.

弗里德曼：形势是这样的：降低通货膨胀率的唯一方法是收紧银根，而这必然引起暂时的衰退。

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At other times, as in the U.S. in the 1970s, there is insufficient political will for the sometimes-painful step of monetary contraction.

FORBES: Inflation Only Gets Out of Control if You Let It

Data released over the past month indicate that the outlook for economic activity in the United Kingdom has deteriorated substantially, reflecting a sharp monetary contraction.

BBC: Central banks' official statements

Those are contagion and monetary contraction.

FORBES: Eurobond Contagion: Or What's Really Wrong With the Eurozone