But the truth is that all of Europe needs reform: to shift away from high taxes, generous and wasteful welfare states, and, most of all, overly regulated and inflexible product and labour markets.

• 但事实是整个欧洲都需要改革：降低高税收，减少过度慷慨和浪费的福利开销，以及最重要的是，改革监管过度、缺乏灵活度的商品和劳动力市场。