Let all the heavily indebted southern European countries jointly agree to join a weak euro, which would float against the stronger northern euro. When the weak euro reduces the heavily indebted countries’ production costs by 20-25%, they can rejoin the “hard” euro if they accept fiscal reforms that are subject to approval by the European Commission (and thus by the hard-euro creditor countries).
多年来，我一直建议采取结合了增长和财政清明的政策。让所有南欧重债国一致同意加入弱欧元（weak euro），弱欧元将围绕更强的北方欧元（northern euro）浮动。当弱欧元将重债国的生产成本降低20—25%时，它们可以重新加入“硬”欧元（“hard”euro），如果它们接受须经欧盟委员会批准（从而也获得了硬欧元债权国的首肯）的财政改革的话。毕竟，固定汇率或共同货币意味着限制财政独立性。