遥远的欧洲央行之桥

普林斯顿—德国宪法法院最近决定将针对欧洲央行的所谓“直接货币交易”(OMT)的起诉上交给欧洲法院,这一计划的命运仍然悬而未决。显而易见的是,OMT背后的经济学——以及政治学——是有缺陷的。

OMT计划出现于2012年8月,当时,不断上升的西班牙和意大利主权债券风险溢价威胁到了欧元区的生存和世界经济的健康。为了重塑信心、为政府降低借贷赢得时间,欧洲央行行长德拉吉承诺“竭尽全力”捍卫欧元区——而这意味着实际无限量地购买受困欧元区成员国政府债券。

德拉吉的承诺起到了效果,欧元区受困经济体的风险溢价大幅降低。但德国央行行长、欧洲央行理事会成员魏德曼(Jens Weidmann)立刻向OMT发出了诘难,称该计划超出了欧洲央行的权限范围并违反了禁止受困主权实体采用货币融资的里斯本条约第123条。在OMT激活前(目前为止从未激活过),魏德曼向德国宪法法院提起了上诉。

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