Interest rates were too low in Southern Europe, where governments and households binged on cheap loans, and arguably too high in Germany, which was already held back by the economic burden of reunification.
As taxas de juro estavam demasiado baixas na Europa do Sul, onde os governos e as famílias se empanturraram de empréstimos baratos, e possivelmente demasiado altas na Alemanha, que já se encontrava condicionada pelo fardo económico da reunificação.