在欧元区成长壮大

米兰——2007-09年危机爆发后,政府债务的迅速大量增加已经成为发达国家的一种普遍现象:经合组织国家平均债务在GDP中的占比首次超过了100%。今后两代人在经济发展当中均需要面对财政整顿的难题,尤其是在人口老龄化迅速推进的前提下,二战以来我们所熟悉的欧洲福利国家将被迫面临转型。

但欧元区债务危机具有鲜明的特征。最重要的是,在平均债务/ GDP占比位居发达国家之首、而且整顿工作已全面开始的情况下,欧元区在过去两年中已经陷入严重的信心危机。这直接指向了危机的制度层面,仅仅归咎于财政过错者的挥霍行为恐怕无法解释。

其实,希腊危机暴露了货币联盟本身的三项重要缺陷。首先,相关制度缺乏整合财政和其他经济政策的有效机制。只要仍然由政府间机构负责执行财政纪律,相关问题势必会再次出现,而且会损害共同预算规则的可信性。

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