The performance of the peripheral countries of the 16-country union was far less impressive.

16国联盟的周边国家的表现则差强人意。

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The last problem for peripheral countries trying to deflate their way to competitiveness is the biggest: debt.

对这些试图通过贬值来解决竞争力问题的边缘国家来说，最后一个问题也是最麻烦的问题，即他们的债务。

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The most vulnerable peripheral countries — Portugal, Ireland and Greece — combine for only 6% of euro-zone GDP.

葡萄牙、爱尔兰和希腊这三个最脆弱的边缘国家一共只占欧元区GDP的6%。

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Peripheral countries are less than keen on handing ownership of important banks to bureaucrats in Brussels.

ECONOMIST: Preventing a big European bank run

Sinn concludes that wages in the peripheral countries must come down, though that will be extraordinarily painful.

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But it also means that more trouble in peripheral countries could easily spread to the entire euro-zone economy.

ECONOMIST: Europe's resilient economies