Moreover, the peripheral countries’ large current-account deficits, fueled as they were by excessive consumption, were accompanied by economic stagnation and loss of competitiveness.
Rozsáhlé schodky běžného účtu periferních zemí, vyvolané ve značné míře nadměrnou spotřebou, doprovázela navíc hospodářská stagnace a ztráta konkurenční schopnosti.