Southern Europe needs to deflate to restore competitiveness vis à vis northern Europe.

But all of the options that might restore competitiveness require real currency depreciation.

A return to a national currency and a sharp depreciation would quickly restore competitiveness and growth.

When the bubble bursts, the afflicted country can restore competitiveness only through a painful process of real depreciation.

Only a return to a national currency and a sharp depreciation of that currency can restore competitiveness and growth.

To restore competitiveness and growth in these countries, the euro needs to fall towards parity with the US dollar.

If the PIIGS started that process today, the benefits would be too long in coming to restore competitiveness and growth.

It took Germany ten years to restore its competitiveness this way Greece cannot remain in a depression for a decade.

A simple, effective way to buy time would be to abandon the euro and restore competitiveness through a devalued national currency.

To restore growth, these countries must also regain competitiveness by achieving a real depreciation of their currency, thus turning trade deficits into surpluses.

The last option deflation of wages and prices to reduce costs, achieve a real depreciation, and restore competitiveness is associated with ever deepening recession.

If growth does not recover, the fiscal problems will worsen while making it more politically difficult to enact the painful reforms needed to restore competitiveness.

The gap is simply too large between what is needed to restore competitiveness and what citizens can stomach if they remain part of the monetary union.

Reintroducing the drachma risks exchange rate depreciation in excess of what is necessary to restore competitiveness, which would be inflationary and impose greater losses on drachmatized external debts.

Competitiveness Surveys

Global competitiveness.

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The Fund needs to create programs for Portugal, Ireland, and Greece that restore competitiveness and trim debt, and that offer them realistic hope of a return to economic growth.

Climate and Competitiveness

Europe s Competitiveness Obsession

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