Margaret Scott

禁止共同债券

法兰克福——

随着金融危机的进一步加深,欧洲货币联盟(EMU)中的不同国家发行的政府债券价格相差很大。就德国而言,二月份二级市场的10年期债券价格相对意大利来说,是141基准点。相对于希腊是257基准点。爱尔兰252,而在2000年,相对于上述三个国家的基准点分别是 32,84和25。

早在欧元出现之前,也就是在欧洲货币联盟(EMU)成立初期,欧元区国家,例如法国,德国和荷兰的长期利率趋于相同,保持较低的利率水平,而意大利和希腊等国家由于巨额国债,经济一直处于下滑通道。对许多人来说,欧元的出现不仅化解了流通货币存在的危险——例如,贬值的风险,而且由于所有欧元区的成员国都属于统一货币市场的经济体,加上 欧盟的稳定和增长条约(SGP)的形成,从而保证了各国财政的稳定性。

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