The large current account deficits of Italy, Spain and France can be reduced without lowering their incomes or requiring Germany to accept inflationary increases in its domestic demand. The key is to expand the net exports of those trade deficit countries to the world outside the eurozone.
要減少義大利、西班牙和法國的鉅額經常賬戶赤字，既無需壓低這些國家的收入水準，也無需要求德國採取具有通膨效應的擴大內需措施。關鍵在於擴大這些貿易逆差國對歐元區以外地區的淨出口。
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