Typically, sovereign borrowing costs should fall in a recession, but at that time economies representing one-third of euro area GDP saw their borrowing costs become positively correlated with risk aversion.32 The result was a lack of stabilisation that harmed both growth and fiscal sustainability.
6 / 10  BIS central bankers' speeches  So it is the structurally weaker countries that most need EMU to have instruments to diversify the risk of crises and counteract their effect on the economy.