Systemic risk raises doubts about the solvency of over-indebted countries, which means that these countries’ efforts to consolidate their fiscal position and promote reform do not lead to improvement in financial conditions, which is essential for overcoming the crisis and promoting recovery. As a result, fiscal consolidation becomes increasingly difficult to achieve, inviting renewed speculative attacks.
事实上，当前浮现的欧元区可持续性系统风险造成了一个恶性循环。系统风险产生了对过度负债国偿债能力的质疑，这意味着这些国家整合财政并推进改革的努力并不会让财政状况有所改善，而财政状况的改善是克服危机、促进复苏的关键。结果，财政整合变得越来越难以实现，从而导致新一轮投机袭击。