In countries like the euro-zone members, a loss of external competitiveness, caused by tight monetary policy and a strong currency, erosion of long-term comparative advantage relative to emerging markets, and wage growth in excess of productivity growth, impose further constraints on the resumption of growth. If growth does not recover, the fiscal problems will worsen while making it more politically difficult to enact the painful reforms needed to restore competitiveness.
欧元区成员国还面临其他一些问题，比如过紧的货币政策和强势欧元导致外贸竞争力下降，相对于新兴市场经济体的比较优势被慢慢销蚀，工资增长快于生产率提升等等，这些都对经济复苏构成进一步的制约。如果经济不能恢复增长，它们的财政问题就会进一步暴露，要推行改革以恢复外贸竞争力的政治难度也会进一步加大。