It is not only because persistent current account deficits create vulnerabilities, such as a dependence on external financing and an over-indebted banking sector. It is because, since 2008, countries that are more competitive have on average seen higher business margins, lower public debt levels, higher growth, and higher employment.
For example, in Ireland the unemployment rate of young people with an educational attainment below lower secondary education was 27.5% in 2016, while for young people with tertiary education it was about 11%. Acquiring a good skill set at school and university is therefore essential for a young person to find work.