Конец финансового суверенитета в Европе

МИЛАН. Покойный Милтон Фридман сказал, что общая валюта – то есть валютный союз – не может быть долговременной без надежного экономического и политического союза. При этом он подразумевал открытую экономику, которая гарантирует свободное перемещение товаров, рабочей силы и капитала, в совокупности с дисциплинированными центральными финансовыми органами и сильным центральным банком. Два последних условия являются оплотом сильной валюты. Они работают в тандеме. Но и другие составляющие не менее важны.

Еврозона, сражающаяся в настоящее время с финансовым дисбалансом и риском суверенного долга, имеет сильный и автономный центральный банк, но финансово разделена и только частично объединена политически.

Маастрихтский договор, который теоретически обязывает придерживаться финансовой дисциплины посредством введения ограничений уровня правительственных дефицитов и долга, определенно является структурой, созданной для того, чтобы предотвратить возможность бесплатно пользоваться финансовой дисциплиной других. Маастрихтский договор, таким образом, был предназначен для того, чтобы предотвратить ситуацию, подобную нынешней ситуации в Греции.

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