Rozsáhlé schodky běžného účtu periferních zemí, vyvolané ve značné míře nadměrnou spotřebou, doprovázela navíc hospodářská stagnace a ztráta konkurenční schopnosti.
Moreover, the peripheral countries’ large current-account deficits, fueled as they were by excessive consumption, were accompanied by economic stagnation and loss of competitiveness.