欧洲的债务愿望

美国剑桥—欧洲领导人仍在争论如何最好地为经济增长注入动力,法国和意大利领导人现在认为,欧元区死板的“财政契约”应该放松。与此同时,欧元区北欧成员国领导人继续要求更严格地实施结构性改革。

在理想状况下,双方可以自行其是,但目前难以看到可以免于重大债务重组或期限重排的结局。欧洲政客不能想象这一情形,这给欧洲央行造成了非常沉重的负担。

尽管关于欧元区的复苏迟缓存在许多解释,但显然公共和私人债务积压是很重要的原因。如今,家庭和金融机构总债务占国民收入的比重比金融危机前还要高。非金融企业债略有下降。而政府债务当然出现了剧增,这是拜银行援助和衰退导致税收收入猛降所赐。

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