In a monetary union, there are only two ways to close a competitiveness gap between countries: transfers from the more competitive to the less competitive, or internal devaluation, which means real wage cuts.
在一个货币联盟内部，只有两种方法来消除国家之间的竞争力差距：从比较有竞争力的地方转移财富到竞争力较低之处，或者实施内部贬值——这意味着削减实际工资。