默克尔的惨胜

布达佩斯—在德国人看来,欧元危机闹剧已经结束了。欧元危机在最近的德国大选中几乎无人提及。总理默克尔对欧元的生存做了必要的保证,并且是以让德国的成本尽可能小的方式做出的——这一招让她同时获得了亲欧洲德国人和相信她能捍卫德国利益的人的支持。毫不奇怪,她以压倒性优势赢得连任。

但这是一场惨胜。欧元区现状是不可容忍不稳定。主流经济学家称之为劣均衡;我则称之为噩梦,它带来了巨大的痛苦和罪过,而若维持这一噩梦的误解和禁忌被破除,它本可以轻松避免。

一个例子是欧元债券,默克尔所宣布的禁忌之一。但欧元债券是解决欧元危机根源——加入欧元让成员国政府债券暴露在违约风险之下——的显而易见的方案。

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