失败的欧洲凯恩斯主义者

发自剑桥——对欧元区所遭受的苦难来说,凯恩斯主义并不是什么灵丹妙药。而当前出现所谓过度紧缩正在扼杀欧洲的这种极端愚昧观点也毫不奇怪。当“反紧缩”的民众显然相信有简单易行的周期性方法去解决困难的结构性问题时,评论家们被成为了政客的大棒,用以抨击所有可见的目标。

我一直认为,欧元区的困难源自于欧洲的金融与货币一体化进程过度超前于实际的政治、财政和银行联盟。这并不是凯恩斯所熟悉的问题,更不是他试图要解决的那种问题。

首先,任何用来应对欧元区危机的可行策略都必须涉及大量外围国家债务的资产减值(或减免)。而这些国家内部涉及大量银行及政府的合并债务——这令欧洲各地的区别都变得模糊了——使得快速可持续发展成为了一个不切实际的美梦。

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