The large current account deficits of Italy, Spain and France can be reduced without lowering their incomes or requiring Germany to accept inflationary increases in its domestic demand. The key is to expand the net exports of those trade deficit countries to the world outside the eurozone.
要减少意大利、西班牙和法国的巨额经常账户赤字，既无需压低这些国家的收入水平，也无需要求德国采取具有通胀效应的扩大内需措施。关键在于扩大这些贸易逆差国对欧元区以外地区的净出口。
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