Devalvace uvnitř eurozóny ve formě deflace by naproti tomu dohnala velké části reálné ekonomiky do nadměrného zadlužení, protože by poklesla pouze hodnota aktiv, a nikoliv bankovních dluhů.
Depreciation inside the eurozone in the form of deflation, on the other hand, would drive large parts of the real economy into excessive debt, because only the value of assets, not that of bank debts, would decline.