ECB headquarters Frankfurt Luo Huanhuan/ZumaPress

Демократизация Еврозоны

АФИНЫ – Как Макбет, политики имеют склонность к совершению новых грехов, чтобы прикрыть свои старые проступки. И политические системы доказывают свою ценность по тому, как быстро они закрывают серийные взаимоукрепляющиеся, политические ошибки своих чиновников. Если судить по этому стандарту, еврозона, включающая в себя 19 установленных демократии, отстает от крупнейшей недемократической экономики в мире.

После начала экономического спада, который последовал за мировым финансовым кризисом 2008 года, Китайские политики провели семь лет, заменяя упавший спрос на чистый экспорт своей страны, с национальным инвестиционным пузырем, раздутым местными правительствами агрессивной продажей земли. И когда этим летом наступил момент расплаты, китайские лидеры потратили $200 млрд с трудом заработанных валютных резервов, чтобы сыграть короля Кнуда, пытаясь сдержать волну падения фондового рынка.

Однако, по сравнению с Европейским Союзом, усилия Китайского правительства, по исправлению своих ошибок - в конечном итоге, позволившие скользить процентным ставкам и стоимости акций - кажутся образцом скорости и эффективности. Действительно, Греции не удалась “фискальная консолидация и программа реформ,” и то, как лидеры ЕС придирались к ней, несмотря на пять лет доказательств того, что программа не может иметь успех, является одним из явных симптомов несостоятельности Европейского управления, имеющей глубокие исторические корни.

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