Yet the West’s economies have embarked on contractionary policies.
然而，西方经济体已经开始着手缩减政策。
2
Perhaps more important, contractionary policy in Europe and emerging Asia chipped away at global demand for American exports.
也许更重要的是，欧洲和新兴的亚洲市场的紧缩政策削弱了全球对美国出口的需求。
3
The empirical findings indicate a possible inflationary pressure on the new member states, which is balanced by a contractionary effect on the old member states.