There are four possible economic and policy responses to this state of affairs. First, Europe could become a transfer union, with the north giving more and more credit to the south and later waiving it.
对于这一局面，有四种可能的经济和政策应对方式。首先，欧洲可能成为一个转移联盟，北方给予南方越来越多的信用，然后予以豁免。其次，南方可能通缩。第三，北方可能通胀。第四，不再具有竞争力的国家可能退出欧洲货币联盟，然后让新货币贬值。