Declining competitiveness is best captured in a single indicator: unit labor costs, which measure the average cost of labor per unit of output. In a monetary union, discrepancies in wage growth relative to productivity gains – that is, unit labor costs – will result in a chronic accumulation of trade surpluses or deficits.
竞争力的下降可以从一个指标中一览无余：单位劳动力成本，该指标衡量一单位产出所需要的平均劳动力成本。在一个货币联盟中，工资增长相对于生产率提高方面的差异——即单位成本差异——会造成长期的贸易盈余或赤字积累。