The introduction of the euro was supposed to reinforce convergence; in fact, it created divergences, with widely different levels of indebtedness and competitiveness separating the member countries. If heavily indebted countries have to pay heavy risk premiums, their debt becomes unsustainable.
其次，欧洲需要欧元债券。引入欧元的本意是为了让欧洲趋同；但事实上，这反而造成了分歧，各成员国的负债情况和竞争力水平大相径庭。如果重债国必须付出极高的风险溢价，它们的债务就会变得不可持续。这就是目前正在发生的事情。