Germany had to contend with historically high unemployment, stemming from reunification with a sick East Germany. In the euro’s initial years, Germany had no option but to reduce worker protections, limit wage increases, and reduce pensions as it tried to increase employment.
这一模式的重要例外是德国，德国人在加入欧元区便已习惯了低借贷成本。德国必须与高失业这一历史遗留问题——由与疲软的东德重新统一产生——作斗争。为了增加就业，德国别无选择，只能降低对工人的保护，限制工资增长，降低养老金。相对欧元区其他地区，德国劳动力成本较低，其出口-GDP比重出现了大幅上升。