The weaker countries enjoyed real-estate, consumption, and investment booms, while Germany, weighed down by the fiscal burden of reunification, had to adopt austerity and implement structural reforms. That was the origin of the euro crisis, but it was not recognized at the time – and is not properly understood even today.
但利率趋同造成了经济趋异。疲软国享受了房地产、消费和投资繁荣，而承受重新统一带来的财政重担的德国彼得不采取紧缩、实施结构性改革。这就是欧元危机的起源，但当时这一点并未被识别——即使在今天也没有得到正确的理解。