At that time, Angela Merkel rejected a Europe-wide guarantee, insisting that each country should guarantee its own institutions. Interestingly, interest-rate differentials widened only in 2010, when the newly elected Greek government announced that the previous government had vastly understated the true fiscal deficit.
缺乏共同储备的后果在2008年雷曼兄弟破产之后初次显现，当时政府为了防止金融市场最终崩溃，必须保证不会再有其他系统性金融机构倒闭。当时德国总理默克尔拒绝为全欧洲的金融机构担保，声称各国的烂摊子该由各国自己内部处理。但有趣的是各国之间的利率差却雷打不动，只是在2010年新上台的希腊政府宣布其前任严重隐瞒了财政赤字之后才被拉大。