一个大联盟

巴黎—在过去几周中,成立银行联盟成了解决爆发已久的欧元危机的最新药方。但是,不管银行联盟能带来多少好处——的确能带来不少好处——成立这样一个联盟会引起目前无法回答的问题。

支持银行联盟者的动机显然是不同的。一些人(特别是南欧人)将此视为让资金充裕国承担支持其资金短缺银行负担的办法。其他人(特别是欧盟的布鲁塞尔共同市场体系)将此视为迈向欧罗巴超级国家的一大步。欧盟委员会的神学家们根据神圣的罗马条约中所提及的“最紧密的联盟”的说法,将每一次危机都视为推进其联邦日程的机会。

欧洲央行尽管热情程度要低一些,但想得更深,它认为银行联盟必须具备三大目标。首先,更强的泛欧元区监管应能促进金融一体化,“缓解宏观经济失衡”,并改善货币政策管理。单一欧盟监管者如何解决失衡问题,欧洲央行并未给出解释,但毫无疑问,这是一个值得追求的目标。

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