If Italy, Spain, and France were not part of the eurozone, they could allow their currencies to devalue; weaker exchange rates would increase exports and reduce imports, eliminating their current-account deficits. Moreover, the increase in exports and the shift from imports to domestically produced goods and services would strengthen their economies, thereby reducing their fiscal deficits as tax revenues rose and transfers declined.
如果意大利、西班牙和法国不在欧元区内，它们可以让本国货币贬值；贬值的汇率将增加出口、减少进口，消除经常项目赤字。此外，出口的增加以及用国产商品和服务替代进口品的也将提振经济，从而与税收的增加和转移支付的减少一道减少财政赤字。更强的经济也有助于国内银行减少潜在坏账和按揭违约。