欧洲笨拙的银行革命

布鲁塞尔—去年年底,欧元区财政部长们就单一清算机制(Single Resolution Mechanism,SRM)的基本要素——即如何处理陷入困境的银行——达成了一致。这套机制看起来很丑陋,但似乎能起到作用。

一致的主要部分是,在有银行需要拯救时,(至少在一开始)使用各自国家的资金,同时在未来十年成立一个不超过55亿欧元的单一清算基金(Single Resolution Fund,SRF),这笔钱将由银行自己来出。整个SRM将由国家监督者组成的集体以及来自欧洲央行和欧盟委员会的代表负责运营。

这一一致的缺陷是显而易见的。首先,SRM根本不可能是“单一”机制,至少在开始时是如此。国家资金——国家当局亦然——将继续为“它们的”银行问题负责,贡献给SRF用于救援操作的资金只能缓慢积累。SRM真正成为“单一”机制至少要十年——也就是要到2025年——各国各自动用资金的历史也将在那时结束。

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