欧洲的债务冲突

慕尼黑—法国总理瓦尔斯和他的意大利同侪伦齐宣布——或者说,至少是暗示——她们不会遵守2012年全部欧元区成员国一致同意的财政契约;相反,他们还想借点新债。他们的立场凸显出欧洲货币联盟结构的缺陷——欧洲领导人必须在为时已晚之前认识并纠正这一漏洞。

这个财政契约——正式名称是《欧洲货币联盟稳定、合作和治理条约》(Treaty on Stability, Coordination, and Governance in the Economic and Monetary Union)是作为德国批准欧洲稳定机制(European Stability Mechanism,ESM,实质上是集体援助计划)的交换物签订的。该契约设置了严格的国家结构性预算赤字上限,并规定对于占GDP的60%以上部分的公共债务,每年必须削减当前比率和目标比率差额的十二分之一。

但法国的债务/GDP之比将在今年年底上升到96%,2012年为91%。而意大利将达到135%,2012年为127%。瓦尔斯和伦齐对财政契约的事实违反表明,在未来几年中,这一比率还会继续上升。

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