The endof the stimulus itself is contractionary .

经济刺激的结束本身就是紧缩性的。

If these contractionary forces feed on themselves , europe 's downturn could be ghastly .

如果这些紧缩措施自我恶性循环的话，欧洲经济低迷将面临更加悲惨的境遇。

Despite an interest rate of zero , monetary policy would become highly contractionary .

尽管实行零利率，但货币政策将变得具有高度收缩性。

But large external deficits also have a contractionary impact on demand .

但大量的外部赤字也会使需求萎缩。

External demand will be weak , largely because many members are adopting contractionary policies at the same time .

外部需求将会不足，在很大程度上是因为很多成员国同时实施紧缩政策。