·         A sharp weakening of the euro towards parity with the US dollar, which is unlikely, as the US is weak, too. ·         A rapid reduction in unit labor costs, via acceleration of structural reform and productivity growth relative to wage growth, is also unlikely, as that process took 15 years to restore competitiveness to Germany.
·       إضعاف قيمة اليورو بشكل حاد إلى أن تتساوى قيمته مع قيمة الدولار الأميركي، وهو أمر مستبعد لأن الولايات المتحدة ضعيفة أيضا.