Deflation discourages optimism about the future. Shiftingthe entire adjustment burden onto peripheral countries withcurrent-account deficits, while core countries continue to runsurpluses, obstructs adjustment.
通缩会抑制未来的乐观。把整个调整负担推给存在经常项目赤字的外围国，而核心国继续保持盈余会对调整形成阻碍。