Compared to the five years before the euro’s launch in 1999, productivity growth has since slowed in Italy, Germany, Spain, and the Netherlands, while over the same period it accelerated or remained constant in Denmark, Sweden, and the UK, the European Union members that remained out. Indeed, with the main exception of France, the euro does not seem to have been a blessing for the countries that adopted it.
但现实却让人们失望了。与1999年欧元启动前的5年间相比，意大利、德国、西班牙和荷兰等国的生产率增长都有所下降，而在同一时期，丹麦、瑞典、英国等没有参与欧元计划的成员国生产率却保持不变，甚至还有所增长。实际上，除法国以外，欧元似乎并没有给其它参与国带来福音。