But such adjustments cannot happen in a monetary union, so unit labor costs are slowly re-converging via a protracted process of flat nominal wage growth and slowly declining real wages (a process that would be quicker with higher inflation in Germany and Northern Europe). With domestic demand in short supply, this slow road essentially postpones or impedes growth via expansion of the tradable sector.
但在货币联盟中不可能发生这样的调整，因此单位劳动力成本正在通过名义工资增长的长期停滞和实际工资的长期缓慢下降而缓慢地实现重新趋同（如果德国和北欧通胀更高一些，那么这个过程也会更快一些）。内需跟不上供给，因此这条慢路实际上通过可贸易部门的扩张延缓或妨碍了增长。