Part of those neighbors’ problem was that domestic borrowing costs looked so high that many small borrowers, including many house buyers, turned to low-interest Swiss-franc loans and were then hit by the franc’s massive appreciation. The turbulence reinforces the lesson – fundamental to the rationale of establishing the euro – that ordinary people and businesses should not be exposed to exchange-rate risk.
那些邻国的麻烦，一部分在于，国内借债成本过高，许多小借款人，包括许多购房者，纷纷转向低息的瑞郎贷款等融资方式，然后被瑞郎升值重创。危机强化了一个教训：普通老百姓和小企业，不应暴露于汇率风险中——这也正是建立欧元的一个基本考量。