The crisis struck domestic demand, and the tradable sector was incapacitated, because the rapid rise in relative unit labor costs, combined with an over-valued euro, had undermined competitiveness. Moreover, the crisis-related damage to banks’ balance sheets constrained demand by severely limiting household credit and lending to small and medium-size businesses.
危机冲击了国内需求,而贸易部门对此也无能为力,因为相对单位劳动成本迅速上升和欧元汇率高估已经压低了竞争力。此外，与危机相关的银行资产负债表损失又遏制了需求，家庭信贷和中小企业贷款都严重受限。