This, in turn, would further erode banks’ balance sheets and constrain credit creation – the sovereign-bank doom loop that we have heard so much about in recent years. And no textbooks predicted that European cooperation would impose pro-cyclical austerity on crisis-struck countries, creating depressions that in some cases have rivaled those of the 1930s.
此外，大部分当代教科书都忽视金融部门；因此也就忽视了一个事实：流向外围的资本流将通过银行引导，而当资本停止流动时，银行危机将掣肘外围成员国的公共财政。这反过来进一步削弱了银行资产负债表、制约了信用创造，形成了一个近几年来我们耳熟能详的主权-银行恶性循环。而没有一本教科书预见到欧洲合作会向危机国施加亲周期紧缩，制造出一场在一定程度上堪与20世纪30年代相提并论的萧条。