In relation to the Eurozone, the 'periphery' is a collective name for the five countries in the Eurozone with relatively weaker economies:
Portugal, Ireland, Italy, Greece and Spain.
These five countries are sometimes known as 'PIIGS', from the initial letters of their names, or 'SWEAP' (South and West Euro Area Periphery).
- Core and periphery diverge
- "The eurozone periphery, except for Ireland, remains depressed relative to the core countries. Spain and Portugal are recovering at a glacial pace, but Italy remains mired in a decade-long recession. In Greece, domestic demand is cripplingly low...
- Meanwhile, Germany and the Netherlands have ballooning trade surpluses.
- The imbalances that caused the eurozone crisis have not gone away."
- The Treasurer magazine, Cash Management Edition April 2019 p21, Frances Coppola, economics and finance commentator and speaker.