They view budget deficits as creating negative spillover effects for neighbors, owing, for example, to the moral hazard of bailouts. Their idea of a cooperative equilibrium is the European Union’s 2013 “fiscal compact,” under which euro members agreed yet again to rules for limiting their budget deficits.
相反，德国认为它们进行的是“纪律博弈”（discipline game）。德国人认为预算赤字等于给邻国制造消极溢出效应，原因在于（比如）援助的道德风险。德国的合作均衡概念是2013年欧盟“财政契约”。在该契约中，欧元区成员国再次同意限制预算赤字的规则。