Third, while ECB policies keep borrowing costs lower, private and public debt in the periphery countries, as a share of GDP, is high and still rising, because the denominator of the debt ratio – nominal GDP – is barely increasing. Thus, debt sustainability will remain an issue for these economies over the medium term.
第三，尽管欧洲央行政策压低了借贷成本，外围国家的但私人和公共债务（占GDP之比）仍然很高并在继续升高，因为债务比率的分母——名义GDP几无增长。因此，债务可持续性在中期仍将是这些经济提的一大问题。