But these demand-reducing measures also reduce economic growth, causing deficit-reduction targets to be missed. Getting fiscal consolidation back on track then requires more spending cuts, which depress growth still further, causing budget performance to worsen even more.
欧洲的第二大恶性循环是财政整合-增长疲软-财政整合。加税削减了仍属必须的公共支出；这是不可避免的现实。但这些需求削减措施也削弱了经济增长，造成预算削减目标无法达到。于是，为了完成财政整合目标，就不得不削减更多的支出，而这又进一步抑制了经济增长，导致预算表现进一步恶化。