eurozone sign Medé Libé/Flickr

欧洲无意义的赤字目标?

布鲁塞尔—欧盟的财政规则在近几年中进行了一些急需的改进,但还需要更多的改进。除了在关键问题上缺少明确性,欧盟财政政策依然过于关注短期目标,比如毫无必要地强调年预算周期内的名义赤字目标。

诚然,其他成员国的财政可持续性是所有欧盟国家的切身利益。但年度赤字是衡量一国是否必须为另一国偿还债务的糟糕指标。如今,可以以存在特殊情况为由将任何必须的调整负担分配到一年以上的时间短 ,这一事实是大有裨益的。但这并没有消除欧盟财政规则中的短期倾向。

在充分一体化的市场中,政府赤字的年度融资不应该成为问题,如果债务存量可持续的话。因此,欧盟应该致力于建立一个财政框架,其唯一目标是确保成员国债务可持续。顾名思义,这一目标应该具体到国家。它不要求每一年每一国标题赤字(headline deficit)都低于GDP的3%。但它要求比现在更成熟的分析框架,只根据是否符合公债不超过GDP的60%的欧盟标准区分各国。

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