欧元债务:破而后立

布鲁塞尔——

金融市场几乎成功地使欧元区分崩离析。因此,限制市场力量的观点和使用金融工程保证欧元长期活力的观点看起来有些相互矛盾。但这正是我们关于将欧元区主权债务分解为高级债务和低级债务的方案所要达到的目标。

高级债务将由欧元区各国占GDP比重在60%或以下的债务组成。这些国家这些债务放在一起,形成一个债务池,并提供联合或多元的担保。由此形成的“蓝色债券”(用欧盟盟旗颜色命名)将是一种安全性极优且流动性极佳的资产,能与美国国债相媲美,因而将有助于提升欧元作为国际储备货币的地位以及确保大部分欧元区债务再融资成本维持在较低水平。

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