But the economy has not shrugged off the effect of austerity.

但经济并未摆脱财政紧缩的影响。

One is the ongoing fiscal contraction.

第一个因素是持续的财政紧缩。

So because of our innovation, we actually experienced deflation.

技术革新导致了通货紧缩。

It's going to be very difficult to implement all that.

要实施紧缩政策非常难。

By contrast, Republicans want further budget austerity.

相比之下, 共和党人则希望进一步紧缩预算。

However, he said he'll modify its austerity measures.

不过，他表示修改紧缩措施。

We're hearing those numbers will show Europe headed for deflation.

我们说这些数字表明欧洲正走向通货紧缩。

The increase came in a year of economic contraction.

虽然过去一经济紧缩，但军费上升。

That's what happened during the Great Depression.

大萧条时期就发生了通货紧缩。

Voters look at to punish Mr. Samaras for the austerity he's pushed through in government.

选民们希望能惩罚推行紧缩政策的萨马拉斯。

You said it. I think we should tighten our budget and cut our spending.

所以我认为我们应该紧缩预算，减少开支。

Many Greek households have suffered under the austerity measures.

在紧缩措施下，许多希腊市民遭受痛苦。

The continued recession highlights the struggles brought on by austerity measures.

持续的衰退突出了紧缩措施带来的影响。

Monetary tightening slows the economy with a lag.

货币紧缩缓慢地减缓经济发展。

When the crisis struck, this process also helped avert deflation.

经济危机到来时，上述模式有助于避免通货紧缩。

Austerity would rule the day and inequality would increase.

紧缩政策成为主流，不平等现象会加剧。

The third problem is a possible crunch in new financing.

第三个问题是可能出现的新融资紧缩。

Doves worry that excessive tightening will lead to a bad recession.

鸽派担心过度紧缩导致严重的经济衰退。

It's the effect this shortage of money has which is called the credit crunch.

信贷紧缩是指这种资金短缺带来的影响。

Premature and forceful monetary tightening could choke off a still-fragile recovery.

过早实行有的货币紧缩可能会阻碍仍然脆弱的经济复苏。