意外的帝国

纽约—如今,欧元危机的主要原因已经昭然若揭,那就是成员国将印钱的权利交给了欧洲央行。它们没有弄清楚把印钞大权上交意味着什么——欧洲当局也没有。

引入欧元后,监管者允许银行买入不限量的政府债券,而不需要为此拔备任何权益资本,欧洲央行给予所有欧元区政府债券完全相同的贴现条件。商业银行发现,囤积疲软国债券以赚取额外几个基点是有利可图的,这导致了整个欧元区利率的趋同。在与重新统一所带来的负担作斗争的过程中,德国采取了结构性改革,提高了竞争力。其他国家享受着廉价信用带来的房地产和消费繁荣,这让它们失去了竞争力。

接着,2008年大崩溃爆发了。政府不得不出手援助银行。一些国家发现自己陷入了发展中国家的境地:负债累累,且债务货币不为自己所控制。欧洲分裂为债权国和债务国两大阵营,此乃经济绩效差异的具体表现。

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