An internal devaluation is very different from a normal devaluation

In the euro zone, a cost competitiveness disadvantage must be corrected through an internal devaluation (a reduction in labour costs) and not, of course, through a "normal" devaluation. But an internal devaluation is very different from a normal devaluation: It negatively affects employees due to the reduction in wages, whereas a normal devaluation has a cost that is shared between employees and companies, an d primarily by companies if wage indexation to prices is high; It leads to a fall in inflation, and therefore to a risk of deflation, whereas a normal devaluation is, on the contrary, inflationary. We can see that an internal devaluation is more detrimental and more dangerous than a normal devaluation.