But, since none of these countries has a national currency to devalue, they must substitute internal devaluation for external devaluation. They have to cut wages, pensions, and other costs in order to achieve the same gain in competitiveness needed to substitute external demand for internal demand.
但是，这几个国家都是欧元区国家，它们没有独立的本币可以贬值，所以它们只能用内部贬值来代替外部贬值。它们必须削减工资、退休金和其他成本，以增加出口竞争力，达到扩大外需的效果。