调整欧元的时机

纽约——欧元受害于结构性缺陷。欧元有中央银行,却没有中央财政部,监管银行系统的职责被留给了国家政府。上述缺陷的影响越来越明显,进一步恶化了金融危机的局势。

雷曼兄弟倒闭后这个过程全面启动,在2008年10月12日,欧洲财长们发现有必要向公众保证,不会允许其他具有系统意义的金融机构陷入破产。在没有中央财政部的情况下,这个任务不得不由国家政府来承担。这样的安排在尚未加入欧元协议的欧盟成员国中立即造成了严重的金融危机。最后,这项举措加剧了欧元区的紧张局面。

新成员国的多数信贷均由欧盟银行提供,而多数家庭负债也均以外币计价。随着欧元区银行为寻求原住国的保护而回笼资金,东欧的货币和债券市场承受了很大的压力,东欧国家的经济萎靡不振,家庭偿债能力也有所降低。在东欧拥有大量业务的银行发现自己的资产负债表出现了问题。

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