欧洲的财政虫洞

布鲁塞尔—国际货币基金组织(IMF)现在估计欧元区通缩的风险为30%,而该货币联盟内部增长数字也依然令人失望。但决策者似乎沉迷于经济、政治和法律约束的翻线游戏,无法做出有效的行动。要想满足政策规则,就必须有增长,而不打破规则,增长就无从实现。

德国财政部长朔伊布勒(Wolfgang Schäuble)做出了政治承诺,要比德国严格的本国财政框架做得更好,以确保他所谓的“正零”(<>black zero)预算。法国政府正致力于重新赢得改革承诺信誉,以换取推迟财政调整;而身为欧元区债务负担最重国家之一的意大利已无多少财政政策空间。与此同时,欧洲中央银行的“直接货币交易”(OMT,可能导致再分配财政政策的主权债券购买操作)饱受合法性质疑

所有规则都指向衰退,那么欧洲如何提振复苏呢?

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