Ложное обещание бюджета еврозоны

БРЮССЕЛЬ – Перед четырьмя председателями основных институтов Европы (Европейской комиссии, Совета Европы, Европейского центрального банка и Еврогруппы) стоит ключевой вопрос, по мере того как они готовят доклад о том, как реформировать общую валюту: нуждается ли еврозона в своем собственном бюджете?

Они сталкиваются с аргументом, что валютный союз Соединенных Штатов работает намного лучше, потому что есть большой федеральный бюджет, чтобы сгладить влияние асимметричных шоков ‑ то есть, потрясения для отдельных штатов. Еврозона, как утверждается, должна иметь собственный бюджет, чтобы обеспечить аналогичное автоматическое страхование своих членов.

Тем не менее, этот аргумент неправильно интерпретирует опыт США.

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