While Germany went through a weak patch, the peripheral economies (Portugal excepted) flourished, thanks to the low interest rates that euro membership brought them.

虽然德国经济经历了一段疲软期，但是欧盟的边缘国家（葡萄牙除外）经济一度繁盛，这归功于欧元成员国的身份享受到的低利率。

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This optimism is seen in lower European CDS and narrowing interest rate spreads between peripheral countries and German Bunds.

这种乐观呈现在欧洲低的CDS以及周边国家与德国国债息差缩小。

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Investors called on the Bank of Japan, which three weeks ago reduced a peripheral interest rate, to cut the main rate, raised from 0% to 0.5% in August on hopes of a recovery in the country's economy.

BBC: Japan stocks hit 15-year low

Now, in the doldrums, those peripheral countries need negative interest rates (not possible as such, but there are monetary means of getting to a similar result).

FORBES: The Inevitable Failure of the Euro

Nor will devolution remain of interest only to the peripheral nations.

ECONOMIST: Britain