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It is still essential to stress the EU’s role as a guarantor of peace and prosperity following World War II. But today’s EU must foster additional sources of legitimacy if it is to appeal to today's post-postwar generation.
After years of low inflation, investors and policymakers have settled into a cyclical mindset that assumes advanced economies are simply suffering from insufficient aggregate demand. But they are ignoring structural factors at their peril.
A correlation between fiscal retrenchment and economic growth tells us nothing about the underlying relationship between the two. This should be borne in mind in light of new research suggesting that austerity may well be the right policy in a recession.
美国剑桥—全世界几乎所有国家都在试图提振增长，而中国却在试图让经济减速至可持续水平。随着中国向更依赖内需驱动的服务导向型经济转变，趋势增长降低既不可避免，也值得追求。但挑战也是巨大的，决不能将软着陆视为理所当然。
随着中国经济相对其贸易伙伴逐渐放缓，其出口拉动型增长模式的效率免不了会逐渐消失。因此，大规模基础设施投资——其中相当大的部分是为了支持出口增长——回报也必然会消失。
消费和生活品质需要提升，即便中国许多地区面临着日益尖锐的空气污染和水短缺问题。但是，在一个债务已膨胀至超过GDP的200%的经济中，逐渐降低增长而不导致宏伟投资项目大面积倒闭决非易事。即使是政府拥有大量财政余地抵御下跌的中国，雷曼兄弟规模的破产也会导致重大恐慌。
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