德国总理默克尔的下一个任务：拯救欧洲
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银行业一体化要求各成员国放弃一些财政权，因为一体化之后，各国政府就不能关闭、也不能援助陷入困境的国内银行。这样的局面让许多成员国感到害怕，但要想稳定欧元区经济，就必须采取这样的行动。如果默克尔成功说服其他欧元区国家接受银行业一体化，她就能开创向欧元区中央机构移交财政权的先例。这样，她就能更容易地推动其他财政权的转移，从而最终建立起一个中央财政机构。 这样的财政权集中化可能显得不切实际，但如果欧元区继续实施集中化的货币政策，财政权就有必要集中在一起。如果不能得到同样的财政资源，希腊和德国就不应该执行同样的利率——这一点显而易见。希腊和其他外围国家需要更高的利率来吸引投资者，它们最终将脱离欧元区，从而导致这个货币联盟分崩离析。 越是在这个问题上打哑谜，欧洲无所作为的时间就会越长。一直以来，欧洲需要的就是一位能激励其他国家并向它们灌输财政一体化思维的领导者。人们一直把期待的目光投向德国，但政治地位不稳让默克尔不愿承担这样的责任。现在，既然已经得到了国民的全力支持，默克尔就可以从幕后走到台前来引领他人。但愿她会这样做。（财富中文网） 译者：Charlie |
The banking union requires member states to give up a bit of their fiscal authority as they would lose the ability to shut down or bail out troubled banks within their borders. This is a scary proposition for many members, but it is necessary if there is ever going to be economic stability in the eurozone. If Merkel is successful in getting her eurozone partners to accept a banking union, then she would have set a precedent for relinquishing fiscal authority over to a central eurozone authority. This would then make it easier for her to push through more fiscal concessions that would eventually lead to one centralized fiscal authority. Such centralization of fiscal power may seem farfetched, but it will be necessary if the eurozone continues with a centralized monetary policy. Greece and Germany should not have the same interest rate if they do not have access to the same fiscal resources -- plain and simple. Greece and the other peripheral nations that need higher interest rates to attract investor capital will eventually leave the eurozone, shattering the union. The longer Europe carries on this charade, the longer it will be stuck in neutral. What it has needed all along was a leader to help galvanize and sell the idea of fiscal consolidation to the rest of Europe. Germany has been looked to as that leader, but Merkel was reluctant to take that role due to her shaky political position. Now that she has the full support of her nation, Merkel can step out of the shadows and lead. Let's hope she does. |
