When incomes get significantly out of line with productivity levels (as they have recently), reviving growth requires resetting the terms of trade, which can be done with exchange rates, whether managed or set by markets. In the eurozone, where countries with competitiveness problems do not have the exchange-rate adjustment mechanism, restrained income growth and productivity-boosting reforms are probably needed, as was the case in Germany between 2000 and 2006, and now in several southern European countries.
当收入与生产率水平相去甚远时（目前就是如此），提振增长就需要改变贸易条件，改变贸易条件可以通过汇率（不管是汇率管制还是由市场决定）实现。在欧元区，存在竞争力问题的成员国没有汇率调整机制可用，因此可能必须实行抑制收入增长和提振生产率的改革，德国在2000—2006年间曾经这么做过，现在轮到某些南欧国家这么做了。