If the peripheral countries remain mired in a deflationary trap of high debt, falling output, weak competitiveness, and structural external deficits, eventually they will be tempted by a third option: default and exit from the eurozone. This would enable them to revive economic growth and competitiveness through a depreciation of new national currencies.
如果外围国陷入债务高企、产出下降、竞争力疲软和结构性外部赤字的通缩性陷阱无法自拔，那么它们最终将面临第三选择：违约并退出欧元区。这样做能让它们通过让新的本国货币贬值重塑经济增长和竞争力。