The third shock was the euro, which has induced a rapid convergence of long-term interest rates, which in some countries had been five to seven percentage points above the German level. Freed from exchange-rate risk, international investors no longer demanded a risk premium from these countries and were willing to provide funds to all of them under the same favorable conditions that previously had been reserved for Germany.
第三轮冲击波来自欧元，由此引发了长期利率的迅速趋同，而此前某些国家的长期利率要比德国高出7个百分点。摆脱了汇率风险的影响，国际投资者不再要求这些国家提供风险酬劳，并愿意以同样优惠的条件向所有国家供应资金，而这样的优惠条件以前只有德国才能得到。