大量容易取得的廉价资金掩盖了一个危险的事实：在加入欧元区以后，边缘经济体的竞争力——以单位劳动力成本为衡量指标——一直逐步下降。

The flood of easy money disguised the hard truth that the competitiveness of the peripheral economies, gauged by measures like unit Labour costs, had steadily worsened after joining the euro.

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自2001年以来，单位劳动力成本相比意大利和西班牙下降约20%。

Since 2001 Germany's unit labour costshave fallen by around 20% relative to Italy's and Spain's.

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在2000年到2008年期间，德国的单位劳动力成本以年均1.4%的水平下降，美国的这一数据仅为0.7%，而此统计量在法国与英国则分别以0.8%与0.9%的年均增长率上升。

Unit Labour costs fell by an annual average of 1.4% in 2000-08 in Germany, compared with a decline of 0.7% in America and rises of 0.8% and 0.9% in France and Britain respectively.

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自欧元诞生之后，欧元区多数地中海国家的单位劳动成本都大大增加，远高于德国，但在欧债危机之后，多数国家的劳动力成本也都大大下降。

Unit labour costs in most of the euro zone's Mediterranean countries rose far above Germany's after the creation of the euro, but in most they have fallen sharply since the crisis began.

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同时，去年的生产力上升5%，其结果是单位劳动力成本急剧下降。

Meanwhile, productivity has surged by 5% over the past year, resulting in a sharp drop in unit Labour costs.

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同时，去年的生产力上升5%，其结果是单位劳动力成本急剧下降。

Meanwhile, productivity has surged by 5% over the past year, resulting in a sharp drop in unit Labour costs.

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