That is a fairly stunning graph. Thanks for the data. One question that has always played on my mind is why these countries find it so much easier to lower the

That is a fairly stunning graph. Thanks for the data. One question that has always played on my mind is why these countries find it so much easier to lower their costs via playing games with the currency (e.g. printing more to devalue) than simply lowering prices. Italy could have kept its competitive advantage by simply lowering its wages and export prices, much as Germany has done, but never did.