2008年欧元区经济已经全面陷入衰退。衰退的原因主要是美国金融危机和初级产品价格上涨所造成的双重冲击。美国金融危机对欧元区的影响不仅没有消除，反而从抑制外需扩大到对欧洲金融市场的冲击上。这种冲击引起欧洲金融机构对风险的过度规避并提高其风险溢价，从而提高欧元区经济体的融资和投资成本，抑制需求扩张和经济增长。因此，2009年欧元区经济仍将笼罩在衰退的阴影之中。
The Euro area economy was in recession in 2008 as result of US financial crisis and rising price of primary products. The US financial crisis not only depressed external demand of Euro area，but also increased risk premium of Euro area. The latter will increase the cost of finance and investment；depress expansion of domestic demand and economic growth. So，the Euro area economy will be in deeper recession in 2009.
