Germany was uncompetitive when it entered the eurozone, owing to excessive wage and price increases following the country’s reunification – a problem that has since been overcome by structural reforms that the country undertook within the single currency. The same is true for the most recent eurozone member, Estonia, whose rigorous wage restraint ensured competitiveness in the single market in a short period of time.
值得记住的是，2005年之前的10年，德国被称为是“欧洲病夫”。德国重新统一后，工资和物价过度增长，因此在加入欧元区时德国并无竞争力，但是德国在单一货币区内进行了结构改革，而此问题也得以解决。最近加入欧元区的成员国爱沙尼亚也面临相同的状况，该国严格的工资限制保证其短期内在这个单一市场上拥有一定的竞争力。