欧洲援助的附带伤害

慕尼黑—如今,欧元区危机已进入了第六年,欧洲央行和国际社会正在努力让这场危机结束。决策者正在被引入爬行干预主义——用英国首相卡梅伦的话说,这可能让欧元区“面目全非”,违反欧洲的基本经济和政治规则。

法国总统奥朗德所大声疾呼的最新要求是让欧洲央行操控汇率。欧元的快速升值(1欧元可兑换美元2012年7月底为1.21,而在今年2月初为1.36)给奥朗德敲响了警钟。汇率的走强给疲软的南欧和法国经济带来了额外的压力,破坏着它们依然相当脆弱的竞争力。

欧元所带来的廉价信用在南欧掀起了通胀性经济泡沫,当金融危机爆发时,这一泡沫破裂了。信用条件突然恶化,过于依赖外国资金的国家只剩下一堆价格高得离谱的垃圾。

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