道德风险的政治

布鲁塞尔—这是一场从未停止过的旧争论。一方是道德风险批评家,他们认为决策者所面临的主要责任之一是给出证明鲁莽行为不会有好处的激励。另一方是金融稳定支持者,对他们来说,对金融系统的信心至关重要,不容有失,不管初衷多善,都不能影响信心。

塞浦路斯是这两大阵营的新战场。3月25日,塞浦路斯决定关闭其第二大银行,在此过程中,无保险储户将蒙受巨大损失。决定做出后,欧元集团主席、荷兰财政迪塞尔布隆姆(Jeroen Dijsselbloem)声称健康的金融部门要求“你在哪里承担风险,就必须在哪里处理风险。”他还说,目标应该定在创造欧洲各国财长“永远不需要考虑”通过欧洲稳定机制(European Stability Mechanism)对银行进行“直接资本重组”的环境。

但是,迪塞尔布隆姆话音刚落,欧洲银行股应声暴跌,而他也被许多人(其中不乏他的同事)指责火上浇油。几小时后,他发表声明指出“塞浦路斯是个特别的例子,其挑战特别艰巨,”且应对欧洲危机“没有现成模式”。

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