Free capital mobility allowed surpluses from large savers such as Germany to flow to capital importers such as Spain, while the perceived elimination of currency risk served to aggravate such flows. To investors, Spanish housing assets seemed a great investment, because the forces of economic convergence unleashed by the euro would surely push up their prices – and because there was no peseta that could lose value.
资本的自由流动让盈余从德国等大储蓄国流向西班牙等资本进口国，而货币风险不再的感觉会放大这种资本流。对投资者来说，西班牙房地产资产是伟大的投资，因为欧元所带来的经济趋同的力量必然会提升其价格，也因为西班牙不再有可以贬值的比塞塔。