Once upon a time, a country up the economic creek could devalue its way down again. The rewards – more competitive exports and a bouncing economy – were well worth the cost of more expensive imports. Troubled eurozone members do not have that option. Their challenge is to achieve the effects of devaluation without altering the exchange rate. Such “internal devaluation” is painful but the rewards can be quick and striking. Trouble is, you might have to move to Estonia.
从前，一个manbetx20客户端下载 陷入困境的国家可以通过货币贬值走出困境。相对于货币贬值获得的回报——出口更富竞争力以及manbetx20客户端下载 的反弹，付出进口成本更高昂的代价还是非常值得的。陷入困境的欧元区成员国却没有这种选择。它们面临的挑战，是要在不改变汇率的情况下获得贬值效应。这种“内部贬值”是痛苦的，但效果可能是迅速而显著的。麻烦在于，你可能不得不移居爱沙尼亚。
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