But, yoked to weak economies such as Greece, Spain, and Portugal, the euro has also been much weaker than the Deutschemark would have been. In effect, Germany has had the double exorbitant privilege of lower borrowing costs and a weaker currency – a feat that a non-monetary-union currency like the US dollar cannot accomplish.
但是，对德国来说，过分特权是无成本的，这完全是因为货币联盟。外围国的疲软导致资本流回作为安全港的德国，降低了德国的借贷成本。但是，由于希腊、西班牙和葡萄牙等疲软经济体的存在，欧元比德国马克（如果存在）弱势得多。事实上，德国享有着低借贷成本和弱势货币的双重过分特权——这是美元等非货币联盟货币无法享受的。