For all of these reasons, excessive austerity and deflation could defeat its own purpose and make the “reforms” to improve the southern European countries’ competitiveness impossible to implement. The right approach must combine reasonable wage restraint and low (but not negative) inflation with microeconomic policy measures aimed at encouraging productivity increases.
出于这些理由，过度紧缩和通缩将会破坏其自身目标，导致旨在改善南欧国家竞争力的“改革”难以实施。正确的办法必须结合合理工资限制和低（但非负）通胀并辅之以旨在刺激生产率增长的微观经济政策措施。