The smaller current-account surplus in northern Europe that might result from this should itself be welcome. If the north insists on maintaining the low wage growth of the 2000-2010 period, internal adjustment would require significant unemployment and deflation in the south, making it more difficult and perhaps politically impossible to achieve. &nbsp;
简而言之，欧元区内部调整是可以在南欧不出现严重通缩的情况下实现的，只要那里的生产率增长能够加速，同时北欧能够适当加快工资增长助其一臂之力。由此造成北欧经常项目盈余的减少本身便是一件值得欢迎的事情。如果北欧维持2000—2010年间的低工资增长率，那么内部调整就要求南欧国家出现严重失业和通货紧缩，增加内部调整的困难，甚至导致调整在政治上变得不可行。