The acute fiscal challenges across all industrial economies are no surprise. Our economies are emerging from the worst economic crisis since the second world war, and without the swift and appropriate action of central banks and a very significant contribution from fiscal policies, we would have experienced a major depression. But now is the time to restore fiscal sustainability. The fiscal deterioration we are experiencing is unprecedented in magnitude and geographical scope. By the end of this year, government debt in the euro area will have grown by more than 20 percentage points over a period of only four years, from 2007-2011. The equivalent figures for the US and Japan are between 35 and 45 percentage points.
目前，所有工业化manbetx20客户端下载 体都面临着严峻的财政挑战，这并不令人意外。我们的manbetx20客户端下载 体刚刚摆脱二战以来最为严重的manbetx20客户端下载 危机，如果各国央行不迅速采取适当措施、财政政策也不作出重大贡献的话，我们将会陷入一场严重的萧条。但现在是恢复财政可持续性的时候了。就其规模和覆盖的地域范围而言，我们眼下经历的财政状况恶化可谓史无前例。到今年年底，从2007到2011年仅4年的时间，欧元区政府债务将增长逾20%。在美国和日本，这一数字在35%至45%之间。