【单选题】

America acted quickly and decisively to the Great Recession, whileEuropeans seem paralyzed by the distant past. The swift and decisive U.S. response to the financial crisis and deep recession should be a model for other large developed economies. YetEurope, which is now facing sovereign debt and banking problems and a slowdown in growth, seems reluctant to followAmerica’s leaD、

The United States emerged from its 2008 economic cataclysm with relative speed because policymakers learned from history. Federal ReserveChairmanBenBernanke had famously internalized the charge that the central bank had contributed to the GreatDepression. The frenzied response of theBernanke Fed—guaranteeing all sorts of assets and markets, purchasing mortgage-backed securities, adopting a zero-interest rate policy, and expanding its balance shed to $ 2.3 trillion can be seen as signs of overcompensation.And from Japan’s experience in the 1990s, the Fed learned the need for speeD、
While some critics have charged the U.S. fiscal stimulus was too small, the data suggest that the stimulus package has been a significant contributor to job retention and growth. Increased federal spending was needed in part to combat the declines in government spending by states. In the United States, the federal government helped prop up the states with injections of cash. InEurope, which lacks a powerful overarching federal government with the ability to tax and spend, fiscal policy is all bitter medicine and no spoonfuls of sugar. From the United Kingdom to theCzech Republic, and all points in between, governments are cutting spending and raising taxes.But these contractionary policies will retard economic growth, which will in turn lead to more problems for the banks.
TheEuropeanCentralBank andEuropean governments are embracing fiscal austerity and comparative monetary tightness in these extraordinary times because they remain paralyzed by a terrible fear of inflation. The Federal Reserve has the dual mandate of controlling inflation and promoting employment. TheECB, by contrast, is concerned primarily with inflation. Never mind that the OECD、data on inflation shows it is under control. TheEuropeans remain freaked out by the prospect of inflation at some point in the future. In its outlook, the OECD、writes. "On inflation, the issue is not whether it is a risk today—it is not but whether it will be a risk in two years’ time. "
In the United States, the desire to avoid mistakes made in the distant and recent past has led to perhaps excessively vigorous fiscal and monetary policies. ForEuropeans, the desire to avoid mistakes made in the distant past has led to an excess of caution. When they look to history for guidance,European policymakers aren’t looking at Washington in 2009, or Japan in the 1990s, or the United States in the 1930s. Rather, they look toEurope in the 1920s, a period when hyperinflation ravaged economies, disrupted the social order, destroyed social democracies, and led to the rise of Nazism.
Europe’s concern over inflation
A、has annoyed itsAmerican partner.
B．is supported by OECD、statistics.
C．makes it execute vigorous polices.
D．bears no substance at all.