通胀其实是各国央行不愿进一步收紧货币政策所产生的副作用，此外欧洲长期奉行的出口型增长政策也导致各国在本国货币升值问题上踌躇不定。
Europe’s inflation problem was a byproduct of its central banks’ reluctance to tighten policy more aggressively, and European countries’ hesitancy to let their currencies rise, reflecting their long-standing commitment to export-led growth.