It would require restraint in Spain, where wages grew at an average annual rate of 3.4% in 2000-2010, as well as a serious effort to accelerate productivity growth. But it would not require falling wages or significant price deflation: annual wage growth of 1.7% and productivity growth of 2% would be compatible with inflation close to zero.
这并非不可能的情景。这需要限制西班牙的工资（2000—2010年平均年增长率为3.4%），同时努力加快生产率增长，但并不需要工资下降或大幅物价通缩：1.7%的年工资增长率以及2%的生产率增长率便能与接近零的通胀率相容。至于德国，若生产率增长率在历史水平0.7%，而工资增长率为4%，则与略高于3%的通胀率相容。