This internal devaluation is paying off: while Ireland was still running a current-account deficit of 5.6% of GDP in 2008, the European Commission expects the outturn for 2011 to have been a 0.7%-of-GDP current-account surplus. True, much of this is mere debt-service relief, given that Ireland was able to repay its foreign liabilities with self-printed money, for which it pays only 1% interest.
这一内部贬值进程是有所回报的：爱尔兰在2008年时的经常账户赤字相当于GDP的5.6%，而欧盟委员会预计该国会在2011年实现相当于GDP0.7%的盈余。没错，考虑到爱尔兰可以自己印刷货币来偿还那些利率只有1%的外债，上述大部分成果都仅仅是缓解了债务偿付问题。但爱尔兰的大宗贸易盈余确实得到了进一步改善。