Before the introduction of the euro, the reform gap between Germany and its larger neighbors would have been no problem for Europe. The currencies of the reform laggards would have depreciated against that of Germany, and there might have been a supportive cut in interest rates as well.
引入欧元之前，德国和邻国之间的改革差距并不是什么了不起的问题。如果哪个国家改革落后，那么其货币相对于德国马克的比价将会下跌，有可能还会引发辅助性的利率下降。