Иждивенцы Европы

В Соединенных Штатах отдельные штаты, которые придерживаются необоснованной финансовой политики, вынуждены платить штраф. Их облигации продаются ниже номинальной цены по сравнению с облигациями лучше управляемых отдельных штатов. Более высокая выплата капитального долга и процентов по капитальному долгу, которые они должны выплачивать, служит – в некоторой степени – своего рода дисциплиной против искушения потратить сейчас, а заплатить потом.

Конечно, дисциплина рынка не совершенна: рынок облигаций "не видит" в значительной степени скрытые будущие задолженности (например, обещанные выплаты пенсий). Тем не менее, такая укрепленная финансовая дисциплина вместе с собственными внутренними бюджетными процедурами отдельных штатов, предотвращает в США крупномасштабный финансовый кризис на государственном уровне со времен Великой Депрессии.

Давайте теперь обратимся к Европе. До появления евро в отдельных национальных государствах в южной Европе было много финансовых кризисов, которые привели к волнам высокой инфляции. Но с единой валютой дорога к разрешению финансового кризиса с помощью инфляции закрылась, поскольку теперь валютную политику контролирует Европейский Центробанк (EЦБ).

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