評(píng)論
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Current-account imbalances are not always a cause for concern.
經(jīng)常賬戶失衡并不總是一件令人擔(dān)憂的事。
As a matter of arithmetic, they measure the gap between domestic savings and investment.
基于數(shù)理邏輯，他們對(duì)國(guó)內(nèi)儲(chǔ)蓄和投資之間的差距進(jìn)行測(cè)量。
The euro area is an economy with an ageing population: it should save more than it invests. As a result, it should have a current-account surplus.
歐元區(qū)經(jīng)濟(jì)還存在人口老齡化問(wèn)題：這樣節(jié)省下來(lái)的錢(qián)應(yīng)該比投資的錢(qián)更多。因此，歐元區(qū)應(yīng)該存在經(jīng)常賬戶盈余。
America's deficit partly reflects the more attractive investment opportunities available there than elsewhere in the world.
美國(guó)的赤字部分反映出美國(guó)有著比世界其他國(guó)家更具吸引力的投資機(jī)遇。
Imbalances become more worrying, however, if they are larger than economic fundamentals might suggest or financed by short-term inflows.
如果這些不平衡比基本經(jīng)濟(jì)因素所暗示的更加巨大，或是由短期現(xiàn)金流入資助，那么不平衡會(huì)變得更加令人擔(dān)心。
The crises in the periphery of the euro zone were reflected in deficits caused by a surfeit of unproductive spending.
在歐元區(qū)外圍的危機(jī)被反映在赤字中，而這些赤字是由非生產(chǎn)性支出過(guò)度所導(dǎo)致的。
But excess surpluses, too, can have drawbacks.
但是過(guò)量的盈余也有缺陷。
The IMF reckons that the euro area's aggregate current-account surplus
IMF估算現(xiàn)在歐元區(qū)的經(jīng)常賬戶總計(jì)盈余
is now stronger than would be justified by structural factors and the business cycle alone.
比結(jié)構(gòu)因素以及商業(yè)周期所出具的合理范圍還有強(qiáng)勁。
Growth in the zone relies too much on that of its largest trading partners, including America;
歐元區(qū)內(nèi)的增長(zhǎng)過(guò)多的依賴于其最大的一些貿(mào)易伙伴，比如美國(guó)；
worthy investment projects at home—in German infrastructure, say—go unfulfilled.
國(guó)內(nèi)有價(jià)值的投資項(xiàng)目—比如，德國(guó)基礎(chǔ)設(shè)施建設(shè)—都無(wú)法實(shí)現(xiàn)。
Surpluses also have political consequences outside the bloc.
盈余在歐元區(qū)外部也產(chǎn)生了政治后果。
President Donald Trump sees Europe as a "foe" because of its bilateral trade surplus with America.
由于歐洲與美國(guó)的雙邊貿(mào)易盈余，唐納德·特朗普總統(tǒng)將歐洲看做是一個(gè)“敵人”。
He has slapped tariffs on European steel and aluminium, and threatened them on cars; the European Union has retaliated.
他對(duì)歐洲鋼鐵和鋁征收關(guān)稅，并威脅要對(duì)汽車(chē)征稅；歐盟以牙還牙。
The two sides are negotiating, but trade tensions are likely to keep simmering.
雙方正在談判，但是貿(mào)易緊張似乎一觸即發(fā)。
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