Without external constraints, public and private expenditure grew precipitously in many countries on the eurozone periphery, while wages rose faster than productivity. As these countries posted current-account deficits, northern European countries accumulated current-account surpluses, exposing a widening competitiveness gap.
没了外部约束，欧元区许多外围国家公私支出大幅上升，而工资增长也快于生产率。这些国家都存在经常项目赤字，北欧国家相应地积累起经常项目盈余，竞争力差距开始拉大。