Penone sculpture at ECB Horacio Villalobos/Getty Images

欧元区的金融教育课

发自伦敦——欧洲领导人将在今年面临一系列严峻的考验,包括包括民粹主义逞凶的混乱大选,英国脱欧的复杂谈判,以及一个认为跨大西洋联盟“过时”的新任美国总统。

但是尽管存在这些挑战,欧盟领导人也将有机会加强他们饱受摧残的联盟并强化其管理机构,尤其是通过提供更充裕的资本和更完善的监督来帮助银行部门恢复其信誉。如果能实现这一目标,就算在别的领域未能取得进展,2017年也将成为非常成功的一年。

欧洲的银行业一直以来都是整个大陆经济的核心。在法国和德国,银行资产相当于GDP的350~400%,而在美国则与GDP相当。 2008年金融危机之后,那些最弱小的欧元区银行在不良贷款的重压下迅速崩溃,进而威胁到各自所在国政府的存续。由于多个国家的债务偿付能力都遭到了质疑,以致连那些强势银行也纷纷陷入了“死亡循环”,因为他们的资产负债表也遭遇了主权债券缩水的损失。

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