Eurozone-wide inflation, at 0.8%, is below the target of “close to 2%,” and unemployment in most countries remains high. Under current conditions, it is hard for the periphery countries to reduce their costs to internationally competitive levels, as they need to do.
美国剑桥—欧洲央行需要进一步宽松货币政策。泛欧元区通胀（0.8%）低于“近2%”的目标，大部分国家的失业率也依然高企。在当前环境下，外围国很难让成本降至具有所需的国际竞争力的水平。如果欧元区整体通胀低于1%，则外围国必将遭遇痛苦的通缩。