According to a study by Goldman Sachs, countries like Greece, Portugal, and Spain will have to become 20-30% cheaper, and German prices will have to rise by 20% relative to the eurozone average. To be sure, if Germany were to leave the common currency, the road back to competitiveness would be easier for the southern countries, since the rump euro would undergo devaluation; but the crisis countries’ fundamental problem would remain as long as the other competitive countries remain in the eurozone.
高盛的研究表明，希腊、葡萄牙和西班牙等国家的价格必须下降20%—30%，而德国的价格必须升高20%（相对欧元区平均水平）。诚然，如果德国退出共同货币，那么南欧国家的回归竞争力之路将会更加容易，因为残余欧元将会贬值；但危机国的根本问题将依然存在，只要其他竞争力强国留在欧元区。比如，西班牙的价格仍必须下降22—24%（相对新欧元区平均水平）。