最容易实现这个目标的办法就是本币贬值。
但欧元区成员身份意味着意大利不能实行本币贬值来缓解出口商压力。
But membership in the euro zone means Italy can't devalue to bring some relief to its exporters.
如今，大多数发达国家已经享有较低的债权收益率了，而并不是每个国家都能使其本币贬值。
Most rich countries today already enjoy low bond yields. And not everyone can devalue their currencies.
当一国工资成本上涨过快的时候，它已然不能通过令本币贬值来重获失去的竞争力。
When a country's wage costs rise too quickly, it can no longer recover lost competitiveness through a lower exchange rate.
而且，还会给欧洲、日本和新兴市场的央行带来更大压力，迫使它们通过本币贬值来抵挡这种压力。
And more pressure will be brought to bear on central Banks in Europe, Japan and emerging markets to lean against this with depreciations of their own.
当其它国家对本币贬值并获得相对于它们的竞争优势时，这些国家实施此类政策以改善国际收支状况，并避免黄金的损失。
With other countries devaluing and gaining competitiveness at their expense, they adopted such policies to strengthen the balance of payments and fend off gold losses.
在过去，西班牙可以选择本币贬值来促进竞争力，但现在，全是欧元了——唯一的出路似乎只有痛苦的降薪，这一过程在最好的时期也是很困难的，在现在，很有可能就是无法想像的痛苦了。
In the past, Spain would have sought improved competitiveness by devaluing its currency. But now it's on the euro - and the only way forward seems to be a grinding process of wage cuts.
这些对外经常项目大额赤字的国家用本币支付较高利率来补偿投资者的通货贬值的风险。
Those higher interest rates paid by countries with large external deficits were supposed to compensate investors for the risk of currency depreciation.
这些对外经常项目大额赤字的国家用本币支付较高利率来补偿投资者的通货贬值的风险。
Those higher interest rates paid by countries with large external deficits were supposed to compensate investors for the risk of currency depreciation.
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