The current-account deficits in the euro zone's crisis countries were of the worrying kind. That they have shrunk or reversed is comforting.
欧元区危机国家的经常账户赤字是属于让人担心的那一种 。他们的赤字已有收缩，趋势扭转也令人欣慰 。
This has happened largely through increases in exports, suggesting that competitiveness has improved.
(Much of Ireland's huge surplus reflects multinationals domiciling their intellectual property in the country
to take advantage of its low corporate taxes, boosting its exports.)
In Greece, where eight years of crisis and austerity have squeezed consumption and investment,
imports have borne a greater part of the adjustment. They are more than 25% lower than in 2007.
进口也受到大调整 。相比2007年，出口减少超过25% 。
The adjustment was particularly painful because, as members of a single-currency bloc with low inflation,
crisis-hit countries had to devalue their real exchange rates by cutting wages and domestic demand and employment.
And the zone's growing aggregate surplus points to another exacerbating factor: Germany's excess of saving over investment kept rising,
as it increased lending and exports to countries outside the zone.
If instead Germany had expanded domestic demand, others' relative price adjustments could have been less painful.
A paper by Olivier Blanchard, Christopher Erceg and Jesper Linde, published in 2015,
finds that higher German inflation could make other countries' goods and services relatively cheap, making it easier for crisis countries to adjust.
The effect is particularly strong when interest rates have to remain low to stimulate the economy.
Some German economists, notably at the Bundesbank, have long argued that this is irrelevant:
it is up to profligate southerners, not prudent Germans, to adjust; and fiscal expansion will not boost demand for euro-area imports directly.
We don't exclude the possibility of acquisitions if it strengthens our competitiveness.
2.take advantage of 利用
Industrialists must move fast to take advantage of new opportunities in Eastern Europe.
The rate of growth of GNP will depend upon the rate of growth of aggregate demand...
A profligate use of scarce resources.