The financial crisis forced sovereign states to substitute their own credit for the credit that had collapsed, and in Europe each state had to do so on its own, calling into question the creditworthiness of European government bonds. Risk premiums widened, and the eurozone was divided into creditor and debtor countries.
金融危机迫使主权国家用其自身信用来取代破产信用，欧洲也不例外，每个国家必须各扫门前雪，这就使人们对欧洲政府债券的可信度产生了怀疑。风险溢价扩大了，欧元区被分解为债权国和债务国。德国的角色出现了180度大转弯：从欧洲一体化的主要推动者变成了“转移联盟”的主要反对者。