Since all of the accumulated debt is denominated in euros, it makes all the difference who remains in charge of the monetary union.If Germany left, the euro would depreciate. Debtor countries would regain their competitiveness; their debt would diminish in real terms; and, with the ECB under their control, the threat of default would disappear and their borrowing costs would fall to levels comparable to that in the United Kingdom.
因为所有累积债务无一例外地采用欧元计价，所以货币联盟由谁来领导效果会截然不同。德国离开会造成欧元贬值，债务国的竞争力就会逐渐恢复；它们的实际债务将会减少，而且因为控制着欧洲央行，它们违约的风险将会解除，而且它们的借贷成本将下降到和英国差不多。