Debtor countries pay substantial risk premiums to finance their debt, which is reflected in their high economy-wide borrowing costs. This has pushed them into a deflationary tailspin and put them at a substantial – and potentially permanent – competitive disadvantage vis-à-vis creditor countries.
但欧元危机后的欧盟已变得截然不同。会员国现在割裂为债权国和债务国两大阵营——这两大阵营由债权国占据主导。德国作为最大也最有信誉的债权国占统治地位。债务国为筹资还债被迫支付高额的风险溢价，导致其经济借贷成本一直居高。他们也因此陷入通货紧缩的失控状态，这使他们在与债权国的竞争中处于明显——或许会是永久的劣势之中。