I think Cyrille meant, would our elites choose competitive devaluation? I think recent evidence in non-Eurozone countries points to "no". Austerity is the solution for every economic problem here, too. (In Hungary, the last competitive devaluation was combined with the most severe austerity up to then, in 1995; at least three more rounds of austerity without devaluation came since.)

_{*Lunatic*, n.
One whose delusions are out of fashion.}