拿出领导力,迈向更欧洲

米兰—关于改善欧元区内部经济治理的争论彰显出其制度的弱点。早在1992年签署马斯特里赫特条约时,就已经有证据表明没有类似财政制度的货币联盟在长期是不可持续的。随后,在共同货币使用的第一个十年中,其基本缺陷被掩盖了。

如今,欧元区——它拥有一个由欧洲央行主导的集中货币政策以及27个国家各自为政的财政政策——已经成了经济学常识的笑话。早先,法国和德国等重要国家便已不再把旨在保证财政纪律和成员国之间合作的欧盟增长和稳定条约(SGP)当回事。

欧元的引入提振了欧洲内部贸易,降低了许多成员国的通胀率,与此同时,财政义务也被完全忽视了。欧元很快成为世界第二重要的货币,并且证明了其抵御外部金融动荡的能力。人们一篇乐观,审慎被抛进了大西洋,希腊等不满足条件的国家被吸收为成员国,和欧盟的扩张和制度融合的节奏差距越来越大。

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