欧元区预算的虚假希望

布鲁塞尔—欧洲主要机构(欧盟委员会、欧洲委员会、欧洲央行和欧元集团)在准备它们关于如何改革共同货币的报告时所面临的一个关键问题是:欧元区需要其自身的预算吗?

它们面临着这样的观点:美国货币联盟运转得比欧洲好得多,这是因为美国有一个大的联邦预算平滑不对称冲击(即针对个别州的冲击)。根据这一观点,欧元区应该有自己的预算向成员国提供类似的自动保险。

但这一观点误读了美国的经验。

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