走出大萧条之路

纽约——金融市场正在把世界推向又一次大萧条,其政治后果将不可估量。当局(欧洲尤然)已经失去了对现状的控制。它们必须重新控制局面,而且必须是现在。

必须采取三大措施。首先,欧元区各国政府必须在原则上同意签订新的条约,创造一个共同的欧元区财政部。与此同时,主要银行必须置于欧洲央行的督导之下,以换取欧洲央行对它们的担保和永久的资本重组。第三,欧洲央行将让意大利和西班牙等国暂时得以以低成本再融资其债务。

这些措施能够安抚金融市场,并给欧洲赢得时间去发展解决债务问题所必须的增长战略。事实上,发展一套增长战略的重要性怎么强调都不过分,因为债务负担(即债务占年GDP的比重)的涨落从某种程度上讲是经济增长率的函数。

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