Maintaining these countries’ excessive prices and nominal incomes with artificially cheap credit guaranteed by other countries would only make the loss of competitiveness permanent. The entrenchment of debtor-creditor relationships between the states of the eurozone would fuel political tension – as occurred in the United States in its first decades.
用其他国家人造的廉价信用维持这些国家过高的价格和名义收入只能让竞争力缺失永久化。欧元区成员国之间债权人-债务人关系的沟壑会助长政治紧张——正如美国建国最初几十年所出现的情景。