The financial crisis of 2009 is morphing into the fiscal anxieties of 2010. This is particularly true inside the eurozone. Spreads between rates of interest on Greek bonds and German bunds touched 3.86 percentage points in late January (see chart). The risk has emerged of a self-fulfilling confidence crisis that would have dire consequences for other vulnerable members. Much attention has focused on what might happen if the crisis were not resolved, with talk of bail-outs, defaults or even exits from the euro. But what would need to be done to resolve the crisis, without such a calamity? It is the demand, stupid.
2009年的金融危機正在演變成2010年的財政焦慮，在歐元區尤其如此。1月下旬，希臘國債與德國國債的息差達到了3.86個百分點（請見圖表）。希臘目前有可能爆發一場自我實現的信心危機，進而給其它脆弱的歐元區成員國造成可怕影響。迄今為止，人們把大部分注意力集中在了這樣一個問題上：如果危機沒有被排除，將會發生什么？在這方面有各種說法，包括紓困、違約甚至退出歐元區。但我們怎樣才能排除危機、避免這樣的災難？傻瓜，答案是需求。