In this paper, we analyse secular stagnation in the eurozone. We adopt a core-periphery perspective and analyse whether the 2007–2008 financial crisis triggered off diverging dynamics in the growth potential of core and peripheral eurozone countries. We find that secular stagnation affects the whole eurozone but is a much more serious concern in the periphery. Among the components of potential GDP, the NAIRU in particular has diverged since 2008. We find that the increase in the NAIRU is strongly related to demand-side factors such as investment demand and the fiscal policy stance, as well as to the technological level of the economy. Labour market institutions seem to play a relatively minor role, which may also change depending on the level of technological development of an economy. In line with these findings, we argue that reforms in the eurozone should focus on levelling out the core-periphery technological gap via industrial policy, and on the creation of homogenous financial and macroeconomic conditions among member countries, rather than on the generalized deregulation of labour markets.

在本文中，我们分析了欧元区的长期停滞。我们采用核心-外围国家的观点，并分析2007-2008年的金融危机是否引发了核心和外围欧元区国家增长潜力的不同动态。我们发现长期停滞影响了整个欧元区，但在外围国家却是一个更为严重的问题。自2008年以来，特别是在潜在GDP的组成部分中，NAIRU有所不同。我们发现NAIRU的增加与需求方因素（如投资需求和财政政策立场）以及技术水平密切相关。经济。劳动力市场制度似乎起着相对较小的作用，根据经济技术发展水平的不同，劳动力市场制度也可能发生变化。根据这些发现，