The process by which southern Europe became uncompetitive in the first place was driven by market price signals – by the incentives those signals created for entrepreneurs, and by how entrepreneurs’ individually rational responses played out in macroeconomic terms.
C'est la réponse des entrepreneurs aux signaux du marché en matière de prix, aux incitations qu'ils constituaient, qui à l'origine de la perte de compétitivité des pays du sud.