When the crisis struck, the economies of the eurozone periphery were buffeted by the twin shocks of spiking risk premiums and a collapsing housing market. At the same time, the German economy benefited from the return of capital fleeing the periphery.
本不应该如此。当危机袭来时，欧元区外围经济体受到风险溢价飙升和房地产市场崩盘的双重打击。与此同时，德国经济因为资本逃出外围的回流而受益。德国真实（经通胀调整）利率降到了远低于零的水平，引起了房地产泡沫。人们认为这会在德国形成强大的内需，有助于外围增加出口。