德国得不偿失的胜利

柏林——德国宪法法院拒绝通过欧洲央行无限量买入欧元区困难国家政府债券的承诺,并呼吁欧洲法院(ECJ)批准这一裁决。上述裁决获准之前“直接货币交易计划”( OMT)实际已经破产,导致欧洲央行在欧洲政府不愿填补空白的情况下无法有效扮演金融市场可靠后盾的角色。

德国法院认为直接货币交易计划违反政府货币融资禁令,只有事前限制规模、剔除主权债券损失和避免“干扰市场价格形成”才能保障其合法地位。问题在于几乎所有欧洲央行政策都会违反这些原则,这就解释了为什么此次裁决对欧洲来讲是一次严重的倒退。

可以肯定在欧洲法院做出裁决之前,欧洲央行可能仍将在原则上采用直接货币交易计划。但现实中德国对直接货币交易计划和其他欧洲央行政策高涨的反对声浪将使该计划不可能达到其原本的目的——即有效干预主权债券市场以防止恐慌。

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