If there is no inflation, they have to lower the levels of their nominal wages and prices. That is why most central banks target inflation of just under 2%. BIS central bankers’ speeches  1  But disinflation is unavoidable particularly for countries that want to become competitive again. Indeed. Disinflation currently has two causes.
In the end, not every country can have a current account surplus. In a sense, we will consequently meet in the middle eventually. Moreover, the burden of the initial adjustment, though not being shared in the narrow sense of the word, is at least being alleviated. What are the rescue packages other than publicly guaranteed interim loans to facilitate the adjustment?