In nominal terms, Italian and Spanish borrowing costs are indeed comparable to the levels of the late 1990’s. But it is the real (inflation-adjusted) cost of capital that is crucial, and for both countries it is much higher now than it was in the run-up to their adoption of the euro.
从名义水平看，意大利和西班牙的借贷成本确实处于20世纪90年代末的水平。但实际（经通胀调整的）资本成本才是关键的，而两国的实际资本成本均远高于刚开始使用欧元时的水平。