The euro, which is undoubtedly much weaker than the Deutschmark would have been, has also helped, by reducing the prices of German goods and preventing France and Italy from pursuing currency depreciation. Until recently, the euro also provided booming external demand in southern Europe, while China’s breakneck industrial development raised demand for Germany’s traditional exports.
压抑工资导致国内需求停滞不前，却补贴了出口，而德国的经济增长正是依赖于后者。与此同时，显然比德国马克更加弱势的欧元也有助于降低德国产品的价格，并防止法国和意大利实施货币贬值。当中国的高速工业发展提升了对德国传统出口需求的同时，欧元也为德国在欧洲南部地区创造了极为蓬勃的外部需求。