After the euro came into force, commercial banks could refinance their holdings of government bonds at the discount window of the European Central Bank, and regulators treated government bonds as riskless. This caused interest-rate differentials between various countries to shrink, which generated real-estate booms in the weaker economies and reduced their competitiveness.
自欧元开始流通之后，各国商业银行都可以在欧洲中央银行的贴现窗口将自己持有的政府债券换成现金，而监管者则政府债券视作零风险证券。这导致不同国家的利率差距进一步缩小，推高了那些弱国的地产泡沫，还拉低了它们的国际竞争力。