This extraordinary swing of almost $400 billion in the eurozone’s current-account balance did not result from a “competitive devaluation”; the euro has remained strong. So the real reason for the eurozone’s large external surplus today is that internal demand has been so weak that imports have been practically stagnant over the last five years (the average annual growth rate was a paltry 0.25%).
欧元区经常项目余额的这一近4000亿美元的反常波动并不是由“竞争性贬值”造成的；欧元仍然保持着强势。因此如今欧元区的巨额对外盈余的真实来源时其内需太弱，进口在过去五年中几乎毫无增长（平均年增长率只有0.25%）。