Fiscal austerity in the periphery requires cutting back on imports; hence, the countries exporting to the periphery need to curtail their own imports – and so the process cascades. This trade multiplier is causing European economies to drag each other down, and the rest of the world is feeling the effects.
但是，随后中国需求增长开始放缓，而德国的欧洲贸易伙伴麻烦也加深了。外围国的财政紧缩要求削减进口；于是，向外围国出口的国家需要降低其自身的进口——收缩就此开始。这一贸易乘数导致欧洲各国互相拖累，世界其他地区也受到了影响。