The introduction of the euro, with its implication of a low common rate of inflation, caused sharp declines in interest rates in Greece and several other countries that had previously had high rates. Those countries succumbed to the resulting temptation to increase government borrowing, driving the ratio of government debt to GDP to more than 100% in Greece and Italy.
欧洲央行必须在整个欧元区的层面上制定货币政策，尽管那样可能对某些成员国非常不利。在2000年代早期，由于德国和法国需求不振，欧洲央行大幅削减利率。这提振了德法两国，但也助长了西班牙和爱尔兰的地产泡沫。最近这些泡沫破裂，造成两国经济活动大幅萎缩和失业率持续上涨。