ECB headquarters Frankfurt Luo Huanhuan/ZumaPress

让欧元区民主化

雅典—就像麦克白(Macbeth),决策者总是用新的重罪掩盖旧的轻罪。而政治制度的价值就在于能很快地结束官员系列化的、互相强化的政策错误。从这个标准判断,由19个老牌民主国家组成的欧元区比世界上最大的非民主经济体还要落后。

2008年全球金融危机导致发生衰退后,中国决策者花了七年时间用地方政府激进的卖地行为煽动国内投资泡沫取代不断下降的中国净出口需求。而当今年夏天清算时刻终于到来时,中国领导人拿出2,000亿美元辛苦积攒的外汇储备扮演了一回卡努特王(King Canute),试图力挽股市暴跌之狂澜。

但是,与欧元区相比,中国政府纠正错误的努力——最终让利率和股票价值下跌——堪称速度和效率的典范。事实上,失败的希腊“财政整合和改革计划”,以及欧盟领导人不顾五年来该计划根本无法成功的铁证顽固死守此法,是更广泛的欧洲治理失败的症候,而这一失败有其深刻的历史根源。

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/snSBagT/zh;
  1. Sean Gallup/Getty Images

    Angela Merkel’s Endgame?

    The collapse of coalition negotiations has left German Chancellor Angela Merkel facing a stark choice between forming a minority government or calling for a new election. But would a minority government necessarily be as bad as Germans have traditionally thought?

  2. Trump Trade speech Bill Pugliano/Getty Images .

    Preparing for the Trump Trade Wars

    In the first 11 months of his presidency, Donald Trump has failed to back up his words – or tweets – with action on a variety of fronts. But the rest of the world's governments, and particularly those in Asia and Europe, would be mistaken to assume that he won't follow through on his promised "America First" trade agenda.

  3. A GrabBike rider uses his mobile phone Bay Ismoyo/Getty Images

    The Platform Economy

    While developed countries in Europe, North America, and Asia are rapidly aging, emerging economies are predominantly youthful. Nigerian, Indonesian, and Vietnamese young people will shape global work trends at an increasingly rapid pace, bringing to bear their experience in dynamic informal markets on a tech-enabled gig economy.

  4. Trump Mario Tama/Getty Images

    Profiles in Discouragement

    One day, the United States will turn the page on Donald Trump. But, as Americans prepare to observe their Thanksgiving holiday, they should reflect that their country's culture and global standing will never recover fully from the wounds that his presidency is inflicting on them.

  5. Mugabe kisses Grace JEKESAI NJIKIZANA/AFP/Getty Images

    How Women Shape Coups

    In Zimbabwe, as in all coups, much behind-the-scenes plotting continues to take place in the aftermath of the military's overthrow of President Robert Mugabe. But who the eventual winners and losers are may depend, among other things, on the gender of the plotters.

  6. Oil barrels Ahmad Al-Rubaye/Getty Images

    The Abnormality of Oil

    At the 2017 Abu Dhabi Petroleum Exhibition and Conference, the consensus among industry executives was that oil prices will still be around $60 per barrel in November 2018. But there is evidence to suggest that the uptick in global growth and developments in Saudi Arabia will push the price as high as $80 in the meantime.

  7. Israeli soldier Menahem Kahana/Getty Images

    The Saudi Prince’s Dangerous War Games

    Saudi Arabia’s Crown Prince Mohammed bin Salman is working hard to consolidate power and establish his country as the Middle East’s only hegemon. But his efforts – which include an attempt to trigger a war between Israel and Hezbollah in Lebanon – increasingly look like the work of an immature gambler.