歐債危機的發生表現在數個歐元會員國面臨高政府赤字、高負債的財政困境，故被統稱為歐債危機，但事實上此一危機是由數個性質不盡相同的個別危機所組成:希臘危機本質上為一財政紀律蕩然的政府治理危機;愛爾蘭與西班牙危機則為美國次貸危機所引發的不動產資產泡沫與銀行危機;義大利與葡萄牙危機則涉及結構性的長期成長危機。依此本質而言，德國所推動的撙節方案與財政公約僅涉及到公部門改革與恢復財政紀律等面向，只能對危機的終結提供部分的答案。財政紀律的執行與危機的解決有賴成長與就業的提..

The European sovereign debt crisis emerged from a few euro members being stuck with high-deficits and high-indebtedness, and thus is oversimplified to be referred to as the euro debt crisis. It, in fact, consists of several individual crises with different causes. The Greek crisis was a governance crisis that lacks of fiscal disciple by nature; the Irish and Spanish crises were the bubble crisis of the property sector and banking crisis caused by the US sub-prime crisis; the Italian and Portuguese crises involve more structur..