Do something
有所行动
The most frequently forgotten lesson of politics is that doing nothing is a policy choice – and one that can be every bit as risky as being decisive. France’s President Fran ois Hollande is among those who would do well to recognise the dangers of inaction. My friends in Paris tell me that the president is fully apprised of the urgent need to restore economic competitiveness in order to avoid the fate of some of France’s eurozone partners. So far, however, Mr Hollande has been content to do not very much. Change forced by a crisis of confidence in the markets would be altogether more painful – for the president and for French voters.
在政治领域最常被人忘记的一点是,什么都不做也是一种政策选择——并且可能与果断行动一样颇具风险。有些人最好明白不采取行动的危害,比如说法国总统弗朗索瓦·奥朗德(Fran ois Hollande)。我在巴黎的朋友告诉我,奥朗德非常清楚尽快恢复法国经济竞争力的紧迫性,只有这样才能避免落到和某些欧元区成员国同样的命运。但到目前为止,奥朗德仅满足于采取非常有限的措施。对于奥朗德以及法国选民来说,由市场信心危机倒逼的改革可能比主动改革更加痛苦。
There is a broader lesson here for the eurozone. Angela Merkel may have emerged as Europe’s undisputed leader, but her obsessively cautious approach to the euro crisis has come with a sizeable price tag. If the currency now looks safe, it is because of the activism of the European Central Bank’s Mario Draghi. The danger is that Mr Draghi’s audacity has encouraged governments – creditors and debtors alike – to put off again the uncomfortable choices needed to ensure sustained recovery.
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