欧洲银行联盟?

慕尼黑— 欧洲委员会公然践踏马斯特里赫特条约,一次又一次地制定援助计划挽救欧洲受困经济体。如今,欧洲委员会不但欲用欧元债券将国债社会化,还试图搞一个“银行联盟”把银行债券也社会化。

银行债务社会化是不公平的,而且会导致未来资源配置失配。跨境银行债务社会化意味着一国的私人借贷成本将被人为压低在市场利率以下,因为债务保险(即信用违约互换)将由其他国家免费提供。因此,核心国向外围国的资本流将持续超过最有水平,阻碍整个欧洲的经济增长。

历史上,由银行债务社会化导致资源适配的例子数不胜数。其中之一是20世纪80年代美国储贷银行危机,这场危机让美国纳税人付出了1000亿美元的代价。在共同存款保险的保护下,美国储蓄银行进行了一场“复活豪赌”——从存款者手中借入过多资金,然后放贷给高风险企业,它们知道,潜在利润可以用于发放股利回报股东,而潜在损失可以社会化。

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