EU flags Dominique Faget/AFP/Getty Images

欧盟的双重考验

慕尼黑—6月份堪称决定欧盟命运之月。6月21日,德国宪法法院将对针对欧洲央行债券购买计划的上诉进行裁决。债券购买计划是欧洲央行应对欧洲债务危机的核心政策。两天后,英国选民将决定英国是否应该退出欧盟。这两项决定将对欧盟的长期政治与经济稳定带来严重后果。

在这两项决定中,德国法院的裁决不太引人关注,但它直指欧洲央行对马斯特里赫特条约的解释的核心。原告包括德国下议院诸位议员,他们质疑德国联邦银行是否应该被允许参与欧洲央行的直接货币交易(OMT)计划,认为这违反了欧盟条约的第123条和第125条。他们宣称,这两条禁止政府动用印钞机进行援助行为。特别是,他们反对欧洲央行购买危机受袭国政府债券的无限之承诺(用欧洲央行行长德拉吉的名言讲,就是“不惜一切代价”)。

根据OMT计划,购买这些债券的投资者不需要再担心可能的违约。在破产风险显现之前,可以要求欧洲央行购买投资者投资组合中的危险证券。所需要的只是应用欧洲稳定性机制(European Stability Mechanism,能够为所有欧元区成员国提供快速金融援助的基金)。如此,破产风险从债券持有人转移到了经济较为健康的欧元区国家的纳税人身上,他们将永久失去政府债券的利息收入。

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