Imagine that there was no euro and that the southern countries had retained their own currencies – Italy with the lira, Spain with the peseta, Greece with the drachma, and so on. Would these countries today have an inflation profile more like the United States and Germany or more like Brazil and Turkey?
更重要的是，在哪里，确切地说，有谁为发达经济体和新兴市场之间划出了界线？例如，欧元区，是一个模糊的界限。试想如果那些南欧国家从未加入欧元并保留了自己货币——意大利的里拉，西班牙的比塞塔，希腊的德拉克马等等。这些国家现在的通货膨胀形势究竟会更像美国和德国，还是更像巴西和土耳其？