The bitter medicine that Germany and the ECB want to impose on the periphery – the second option – is recessionary deflation: fiscal austerity, structural reforms to boost productivity growth and reduce unit labor costs, and real depreciation via price adjustment, as opposed to nominal exchange-rate adjustment.
德国和欧洲央行计划对外围国实施第二选择，这个药方更为痛苦，是衰退性紧缩：财政紧缩、结构性改革以提振生产率并降低单位劳动成本，以及通过价格调整实现的真是贬值（而不是名义汇率调整）。