危险的欧元政治

圣地亚哥—对于希腊能否成功避免违约、继续留在欧元区中,并扭转经济颓势这桩公案,陪审团还没有就位。但只要法官持公平态度,就会裁定其给共同货币造成的政治后果:彻底失败。

当然,欧元案永远是政治问题,并且有两个角度:俗和雅。

从俗案角度讲——很少以礼貌的方式争论——问题在于南欧国家支出太多、征税太少,因此借贷过度。只要它们能够随时印制本币和贬值为债务融资,它们就会继续维持自由支出模式。只有欧元和法兰克福货币政策当局能够在纪律上约束它们。

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