France, too, has become uncompetitive, owing to the cheap credit brought by the euro in its initial years. According to a recent study by Goldman Sachs, the country’s price level must drop by an estimated 20% vis-à-vis the euro average – that is, depreciate in real terms – if the economy is to regain competitiveness within the eurozone.
事实上，现在法国看上去也开始动摇了。2011年7月至2012年1月，资本从法国逃出，该国“目标”系统债务增加了950亿欧元。使用欧元最初几年的便宜信用同样拖累了法国的竞争力。高盛公司最新研究称，据估算，法国价格水平必须较欧元平均水平下跌20%——即实际贬值——才能让法国重新获得欧元区内的竞争力。