Financial crises have devastating impacts on the public finances. The impact is also most severe where the pre-crisis excesses were greatest. Among members of the Group of Seven leading high-income countries, this means the bubble-infected US and UK. The question both countries confront is how soon and how far to tighten. Tightening will have to be substantial. But premature action could be a devastating error.
金融危機對公共財政狀況具有破壞性影響。危機爆發前財政超支最嚴重的國家，所受沖擊也最為深重。對于七國集團(G7)的成員國而言，這指的是受到泡沫影響的美國和英國。兩國面臨的一個共同問題是：何時開始收緊，以及收緊到何種程度。財政緊縮必須是實質性的，但過早行動可能會是毀滅性的錯誤。
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