Think now of an 8-cylinder engine running not on five cylinders, but on two or three at best. (Admittedly, the Spanish labor market reforms enacted earlier this year may start to lift employment and improve competitiveness and growth on the economy’s tradable side, which is constrained largely by low productivity, not weak demand.)
这一点很重要，因为意大利（和西班牙）的私人部门没有像美国（以及2003—2006年改革后的德国）那样的结构性灵活度。它们就好像是8缸发动机，现在转动不是5个缸，而只有两三个缸。（平心而论，今年上半年开始实施的西班牙劳动力市场改革或已开始提振就业、改善经济的可贸易部门的增长——它主要约束是生产率过低，而不是需求不足。）