French President Emmanuel Macron Alessandra Benedetti - Corbis/Getty Images

迈向欧洲转移支付联盟之路

发自慕尼黑——在大衰退将经济打入自大萧条以来前所未有的低谷整整十年后,是时候从日常的政治中跳脱出来才能瞥见更大的图景。欧洲人需要问问自己从哪里走来,未来又该去向何处。

二十年前的1998年,欧盟许多国家为了引入欧元而将自身汇率永久固定了下来。一时间几近破产的南欧国家不再需要支付比德国高出约5~20个百分点的巨额利息溢价。自此之后廉价贷款泛滥的南欧经历了债务融资推动下的经济繁荣,推高了工资和价格。最终这一繁荣演化成了一场泡沫。

然后在十年前,同时在美国次级抵押贷款市场不断膨胀的泡沫破灭,导致全球金融危机以及随之而来的南欧泡沫破裂。在火烧眉毛之时,危机肆虐下的南欧国家利用欧洲支付体系进行大规模透支,以取代被切断了的私人贷款来源。

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