银行联盟第一步

布鲁塞尔—金融危机开始时,人们用查尔斯·古德哈特(Charles Goodhart)的名言来描述银行:“生而国际,死而民族。”当是时(2008—2009年),国际大银行在深陷困境时不得不由母国政府出手相救。但如今,欧洲的问题与此正好相反,银行“生而民族,死而欧洲”。

比如,在西班牙,地方储蓄银行是超级地产繁荣的融资提供者。随着繁荣变为萧条,由此产生的损失已快要超过了西班牙整个国家的能力,这一问题变成了欧洲问题,因为事关欧元存亡。

西班牙的状况是一个更大问题的症状。国家层面的监管者总是试图最小化国内问题。他们的本能(也是他们官僚主义利益之所在)是捍卫“国宝”(national champion)银行在国外的表现。

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