In order to regain competitiveness, the southern countries will have to reduce their goods prices, while the northern countries will have to accept higher inflation. Eurobonds, however, would impede precisely this outcome, because relative prices in the north can be raised only when northern savers invest their capital at home instead of seeing it publicly escorted to the south by taxpayer-financed credit guarantees.
为了重获竞争力，南欧国家将必须降低商品价格，而北欧国家将必须接受更高的通胀。但是，欧元债券恰恰会阻碍这一结果，因为只有在北欧储蓄者将资本投资于国内，而不是目送这笔钱作为公帑通过纳税人出资的信用担保流向南欧，北欧相对价格才会上升。