Once upon a time, a country up the economic creek could devalue its way down again. The rewards – more competitive exports and a bouncing economy – were well worth the cost of more expensive imports. Troubled eurozone members do not have that option. Their challenge is to achieve the effects of devaluation without altering the exchange rate. Such “internal devaluation” is painful but the rewards can be quick and striking. Trouble is, you might have to move to Estonia.
從前，一個經濟陷入困境的國家可以通過貨幣貶值走出困境。相對於貨幣貶值獲得的回報——出口更富競爭力以及經濟的反彈，付出進口成本更高昂的代價還是非常值得的。陷入困境的歐元區成員國卻沒有這種選擇。它們面臨的挑戰，是要在不改變匯率的情況下獲得貶值效應。這種「內部貶值」是痛苦的，但效果可能是迅速而顯著的。麻煩在於，你可能不得不移居愛沙尼亞。
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