Can a macroeconomic adjustment (labour cost and tax burden correction) be rejected in a currency area?

Germany in the early 2000s and Spain since 2009 have carried out large macroeconomic adjustments (reduction in labour costs and in corporate taxes) in order to restore their cost competitiveness and lift exports, corporate profitability, employment and investment. Now faced with a similar competitiveness shortfall, France and Italy are refusing to carry out a macroeconomic adjustment. Will they ultimately be able to avoid making this adjustment, in particular the downward adjustment in wages? Can structural reforms (which France is implementing) be powerful enough to exempt a country from making a macroeconomic adjustment?