Eurozone politicians tend to believe that it is possible to regain competitiveness by carrying out reforms, undertaking infrastructure projects, and improving productivity, but without reducing domestic prices. That is a fallacy, because such steps improve competitiveness only in the same measure as they reduce domestic prices vis-à-vis eurozone competitors.
欧元区政客总是相信通过实施改革、推出基础设施工程和改善生产率就可以重获竞争力，降低国内价格不是必须的。这是错的，因为这些措施之所以能改善竞争力，只是因为它们降低了相对于欧元区竞争者的国内价格。只要这些国家留在欧元区，就无法降低相对国内价格：要么它们通缩，要么它们的贸易伙伴更快地通胀。