And lower inflation in Germany means that, to close the inflation differential, peripheral countries will need a bout of outright deflation.

德国一国较低的通胀水平意味着，为了缩小通胀差距，边缘国家需要一次彻底的紧缩。

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Unemployment in Germany is now lower than it was when the crisis began.

现在德国的失业率甚至比金融危机之前还要低。

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Germany has lower unemployment than it enjoyed in the boom years.

德国的失业率比在繁荣时期要低。

youdao

The Stoxx Europe 600 utilities index ended down 0.5%, led lower by Germany's E.

WSJ: Stocks Fall Back in Europe

Even now its government debt, at around 70% of GDP, is lower than Germany's.

ECONOMIST: The euro crisis

Thus, obviously, given that housing wealth is a major part of household wealth, it will be lower in Germany than elsewhere.

FORBES: Seriously, Cyprus Is Not Richer Than Germany