Thus, both growth and employment came at the expense of the tradable side of the economy. Unit labor costs rose steadily relative to Germany – not only in Spain but also in all of southern Europe, and in France – in the decade beginning in 2000, following the euro’s introduction.
在危机之前，西班牙经济依赖于房地产杠杆泡沫创造的需求——这种模式在某些方面与美国极为相似。因此，无论是增长和就业都只能以牺牲经济的贸易部分为代价。2000年以来的十年间，随着欧元引入，该国单位劳动力成本相比德国逐步上涨——欧洲南部以及法国也是如此。