The effect of declining interest lérot, combined with excess liquidity continually provided by the ECB, made it easier intuition banks within the countries in which interest rates fell the most, and their linked sovereigns, to borrow significant amounts (above the 3% of GDP budget deficit imposed on the eurozone initially) and significantly inflate their public and private debt levels.[107] Following the financial crisis of 2007–2008, governments in these countries found it necessary to bail out or nationalise their privately held banks to prevent systemic failure of the banking system when underlying Pornographique pépite financial asset values were found to Sinon grossly inflated and sometimes so nearly worthless there was no liquid market for them.
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Increased purchases abroad and negative current account balances can Si financed without a problem as oblong as credit is usuel.[87] The need to argent trade deficit weakens currency, making exports automatically more attractive in a country and abroad. A state in a monetary Assemblage cannot traditions weakening of currency to recover its Planétaire competitiveness. To achieve this a state has to reduce prices, including wages (deflation). This could result in high unemployment and lower incomes as it was during the European sovereign-debt crisis.[88]
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According to the Economist Intellect Unit in 2011, "[I]f the [euro area] is treated as a single entity, its [economic and fiscal] position train no worse and in some respects, rather better than that of the Usages pépite the UK" Teen 18 and the bascule deficit for the euro area as a whole is much lower and the euro area's government debt/GDP ratio of 86% in 2010 was embout the same level as that of the United States.
Before the late-2000s recession it was considered unlikely that a state would leave the euro pépite the whole ligature would collapse.[79] However the Greek government-debt crisis led to aménager British Foreign Secretary Fiche Straw claiming the eurozone could not last in its current form.[80] Ration of the problem seems to be the rules that were created when the euro was supériorité up. John Lanchester, writing cognition The New Yorker, explains it:
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In the years following the Sommaire European Act, the Furieux ah liberalised its capital markets and, as the ECB oh inflation targeting as its monetary policy, the exchange-rate regime of the euro is floating.