During the acute phase of the euro crisis, recession was concentrated in peripheral economies such as Greece, Portugal, and Spain. Now, however, the malaise has spread to the core economies of Germany and Italy, both of which contracted in the second quarter, and to France, which recorded zero growth.
类似地，脆弱的欧洲经济也没能出现足够强劲的复苏以抵消周期性增长回落。在欧元危机最猛烈的阶段，衰退集中在希腊、葡萄牙和西班牙等外围经济体。但是，如今，颓势蔓延到了德国和意大利等核心经济体，德意两国在二季度都出现了衰退，法国则报告零增长。