A protestor stand next to a 50 euro note dummy Panayiotis Tzamaros/NurPhoto/Getty Images

容克的欧洲灾难路线图

慕尼黑—一群徒步旅行者迷了路。他们想去远处山上的城堡,但脚下的道路似乎方向错了,而领头人还在不断催他们快走。

今天的欧元区的状况就像是这样一群徒步旅行者。情况越来越清楚,引入欧元是一步错棋。单一货币导致南欧出现通胀性信用泡沫。泡沫破裂时,该地区的竞争力也随之毁灭,而北欧被要求提供巨额贷款担保、公共信用和转移支付。这些措施维持了错误的相对价格——这是这种错误的相对价格引起了泡沫——也掩盖了根本问题。

与此同时,申根协定取消了大部分欧盟成员国之间的边检,便利了移民在近几年中从较穷的亚洲和非洲大量涌向北欧福利国家。

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