ECB Frankfurt Dennis Fischer Photography/Getty Images

从现在开始防止下一场欧元区危机

巴黎—自2012年7月欧洲央行行长德拉吉发出著名的声音,承诺“不惜一切代价”拯救共同货币以来,欧洲领导人便不再关注欧元区的未来。四年多来,他们事实上已将欧元区的稳定和完整转包给了央行行长。但是,尽管欧洲央行表现出了极强的工作能力,其悄然进行的便利安排已经行将结束,因为任何央行都无法解决政治或宪法难题。欧洲各国首脑和政府明智的话应该开始考虑欧元区的未来选择,而不是让环境来替他们做决定。

目前,欧洲领导人对讨论这一问题毫无兴趣。2015年6月,他们只是由各大欧洲机构首脑动动嘴皮子就欧元的未来作了一番报告。几周后,这一问题短暂地回到了议程中——欧元区领导人在7月末花了长长一个晚上讨论是否要将希腊踢出欧元区;但他们只是短暂地公开表示要跟进并解决基本问题。最后,通过强化欧元区来应对英国退欧冲击的响应计划很快也被放弃,因为他们担心改革具有太多的分歧性。

但是,问题从未消失。尽管欧洲央行的货币麻药缓和了市场的紧张,但随着12月4日意大利修宪公投的临近,紧张情绪再次高涨起来。截至11月底,意大利和德国十年期国债利差达到了200个基点,为2014年以来的最高水平。

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