欧洲的影子预算

慕尼黑——有关2015-2017年欧盟委员会3150亿欧元(合3900亿美元)投资计划的更多细节终于水落石出。由欧盟委员会主席让 - 克洛德·容克于11月宣布的这项计划实际相当于规模庞大的影子预算,将为公共投资项目提供两倍于欧盟年度官方预算的巨额支持并最终协助政府避开稳定与增长公约规定的债务限制。

该借款安排将假手新的欧洲战略投资基金,在欧洲投资银行的保护伞下进行运作。该投资基金将拨备50亿欧元的启动资金,其中部分来自以欧盟委员会160亿欧元担保为后盾对欧洲投资银行现有资产进行重估。该基金预计将以此撬动约630亿欧元的信贷资产,每借出一块欧元预计将使私人投资者取得5欧元左右的产出——由此计算总投资将接近3150万欧元的目标。

虽然欧盟国家不会提供任何实际资金,但他们会为私人投资者提供隐性及显性担保,这与欧元债券所隐含的连带责任颇有相似之处。德国总理安格拉·默克尔断然拒绝欧元债券提议后,欧盟组织了大批金融专家寻找创造性的规避方式。欧洲战略投资基金就是他们煞费苦心想出的方式。

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