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Those dangers are all real. Yet, so far, that's not the lesson of this crisis.

这些威胁的真实性不容质疑，但都不是正确的危机处理之道。

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And those are only the dangers that we know of.

而且，这些只不过是我们所知道的危险。

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Faced with those dangers, Europe needs to embrace the structural reforms necessary to make its economies as fast-growing and flexible as possible.

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"Those dangers were so severe because it would not take a lot of skill to change the registrations of thousands of voters, online, while sitting in, say, Bulgaria, " he said.

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The central bank, he argues, should focus not simply on the most likely risks to the economy, but also on those dangers, such as deflation in 2003, whose odds may be low but whose costs would be high.

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