Euro-Area Economy in the Danger Zone. The economist January 11th，2014
欧元区经济面临危机 《经济学人》2014年1月11日
If future proof was needed that the euro crisis has ended as far as bond markets are concerned, it was provided by Ireland's successful bond auction on January 7th. But the legacy of the acute phase of the crisis, when weak governments on the periphery of the euro area were besieged by bond markets, remains a grim one. The euro-wide unemployment rate stayed stuck at 12.1%, according to official figures published on January 8th.
如果需要进一步证明就债券市场而言，欧元区危机已经结束，那么1月7日爱尔兰公债标售的成功就很好地说明了这一点。但是，当处于欧元区边缘的那些软弱政府受到债券市场的影响时，危机严重时期遗留下来的问题仍然非常严峻。根据官方在1月8号公布的数据显示，欧元区范围内的失业率停留在12.1%。
Even so, unemployment across the euro zone does appear to have stabilised. The hope now is that it may start to edge down as a weak recovery continues. An index of private-sector output compiled by Markit, a data provider, suggests that the euro area grew by 0.2% in the final three months of 2013.
即便如此，失业率在整个欧元区似乎已经稳定下来。现在的希望是，当疲弱的复苏继续下去，失业率可能会开始小幅下降。数据供应商Markit公布，私营部门产出指数显示，欧元区在2013年最后三个月增长了0.2%。
Inflation is now uncomfortably far beneath the target rate set by the European Central Bank (ECB) of below but close to 2%. When overall inflation is so weak, it makes it harder for countries on the periphery to regain competitiveness by keeping their prices down. And it raises the risk of outright deflation. If prices were to start falling, it would intensify the euro zone's woes which are bound up with excessive debt, both public and private. Deflation would cause that debt to rise in real terms. It could also stymie the recovery as people delay purchases because they will become cheaper. But if inflation weakens further the ECB may have to embrace radical remedies, such as setting negative interest rates on deposits.
通货膨胀指数远远低于欧洲央行设定的目标，低于但接近2%，这仍令人不安。当通胀率整体低下，处于欧元区边缘的国家很难通过低价来重获竞争力。这也提出了通货紧缩的风险。如果价格开始下降，这将加剧欧元区的危机，这些危机是与过度负债联系在一起的，不管是在公共领域还是私人领域。通货紧缩会导致债务上升的实质。同时当人们因物品会变得更加便宜而推迟购买活动，也可能阻碍经济的复苏。但是，如果通胀进一步降低，欧洲央行可能不得不接受根治性疗法，例如对银行存款设置负利率。
