From this perspective, the crisis countries would not be spared painful retrenchment as long as they remained in a monetary union that includes competitive countries. The only way to avoid it would be for them to exit the euro and devalue their new currencies.
照此看来，危机国不可能摆脱痛苦的缩紧裤腰带，只要它们留在存在竞争力强国的货币联盟中。唯一的避免之法是它们退出欧元，让新货币贬值。但是，到目前为止，它们尚不愿这样做。