Spain and Greece have managed to achieve an internal devaluation of about 5% this year vis-à-vis Germany, but their competitiveness vis-à-vis the US and dollar-linked countries has not improved, because the euro has appreciated by more than 5% against the dollar. And, indeed, the euro should appreciate, because the eurozone as a whole is now running a large current-account surplus.
西班牙和希腊在今年设法实现了约5%的（相对德国的）内部贬值，但它们相对美国和美元相关国家的竞争力并未得到改善，因为欧元相对美元升值了5%以上。事实上，欧元应该升值，因为欧元区作为一个整体存在巨大的经常项目盈余。