修补中的欧元

巴黎—一年前,欧洲陷入了严重麻烦。一系列政策动作——成立援助基金、财政条约并向银行系统提供廉价流动性——均未能带来金融市场的长期稳定。危机从欧元区外围向核心蔓延。南欧经历了主权债务卖出潮和大规模私人资本回流。欧洲在金融上陷入了分裂。人们纷纷猜测欧元区将崩溃。

接着出现了两个大手笔动作。2012年6月,欧元区领导人宣布计划建立欧洲银行联盟。他们说,欧元必须通过将银行监督权转给一个欧洲当局才能实现稳定。

这是自希腊危机爆发以来,官方第一次认识到欧元区问题的根源不在于藐视财政规则,而在于货币联盟的基本原则需要修正。这方面的努力注定是大手笔。在大部分观察者看来,实现领导人“打破银行和主权之间的恶性循环”要求将银行清算和援助权力集中起来。

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