虚假的欧洲银行联盟

发自伦敦——在经历了一场于3月20日终结的16小时马拉松谈判后,政治家,技术官僚以及媒体记者都急于宣布欧洲银行联盟的最后协定已经成功达成。但这些表象是骗不了人的。虽然这个“银行联盟”可能很快出现在各种纸面文件上,但实际上欧元区的银行体系依然处于各国的条块分割之下,一边是不断为本国银行作后盾的北部“核心国家”,一边是早已耗尽货币资源的南部“外围国家”。

回想2012年6月。当时西班牙银行危机的爆发差点拖垮西班牙政府,眼看18个月前的爱尔兰危机即将再次上演,欧元区一片恐慌。对此欧盟领导人决定要切断那些问题银行和缺钱政府之间的联系。一个欧洲银行联盟则可以负责在欧元区层面上处理银行破产问题——这跟美国有点类似,比如佛罗里达州就把权力移交给了联邦政府,让后者处理援助债务持有者,注入联邦基金以及关闭金融机构等事宜。

但就在一个月之后,欧洲中央银行最终介入以缓解恐慌。此举拯救了欧元,但也令德国可以不用放弃对其经常犹如惊弓之鸟的银行进行控制。自那以后,德国政府就不断利用其政治影响力去挖空原本提出的银行联盟方案;最后剩下的就只是一个徒有其表的躯壳。

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/TllCxKp/zh;
  1. An employee works at a chemical fiber weaving company VCG/Getty Images

    China in the Lead?

    For four decades, China has achieved unprecedented economic growth under a centralized, authoritarian political system, far outpacing growth in the Western liberal democracies. So, is Chinese President Xi Jinping right to double down on authoritarianism, and is the “China model” truly a viable rival to Western-style democratic capitalism?

  2. The assembly line at Ford Bill Pugliano/Getty Images

    Whither the Multilateral Trading System?

    The global economy today is dominated by three major players – China, the EU, and the US – with roughly equal trading volumes and limited incentive to fight for the rules-based global trading system. With cooperation unlikely, the world should prepare itself for the erosion of the World Trade Organization.

  3. Donald Trump Saul Loeb/Getty Images

    The Globalization of Our Discontent

    Globalization, which was supposed to benefit developed and developing countries alike, is now reviled almost everywhere, as the political backlash in Europe and the US has shown. The challenge is to minimize the risk that the backlash will intensify, and that starts by understanding – and avoiding – past mistakes.

  4. A general view of the Corn Market in the City of Manchester Christopher Furlong/Getty Images

    A Better British Story

    Despite all of the doom and gloom over the United Kingdom's impending withdrawal from the European Union, key manufacturing indicators are at their highest levels in four years, and the mood for investment may be improving. While parts of the UK are certainly weakening economically, others may finally be overcoming longstanding challenges.

  5. UK supermarket Waring Abbott/Getty Images

    The UK’s Multilateral Trade Future

    With Brexit looming, the UK has no choice but to redesign its future trading relationships. As a major producer of sophisticated components, its long-term trade strategy should focus on gaining deep and unfettered access to integrated cross-border supply chains – and that means adopting a multilateral approach.

  6. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now