Wages rose quite a bit in countries that were net borrowers. All the extra cash bid wages up and the higher wages even caused many to move to those countries t

Wages rose quite a bit in countries that were net borrowers. All the extra cash bid wages up and the higher wages even caused many to move to those countries to get those higher wages. Importing goods is not the only way to import labor. The net lender countries didn't experience the same wage growth. But they didn't see their currencies inflate either. Except for those otherwise soundly managed countries that for some reason share a currency with a bunch of poorly managed countries. These countries got the stable wages and the privilege of subsidizing their partners.