欧元危机的三个新教训

华盛顿—一些观察者认为欧元区洗礼的关键教训是需要更深入的银行一体化来维持货币联盟,但许多经济学家在1999年引入欧元之前就已经指出了这一点。欧元危机的真正教训并不在此,它们不但全新,而且令人惊讶。

关于货币联盟的公认智慧是它们的最优性可以用两个问题来评估。首先,组成联盟的地区的经济在应对极端冲击的脆弱性方面是相同还是不同?越是相同,所组成的货币区越优,因为政策应对措施可以在整个区域内一刀切地使用。

如果经济结构不同,那么第二个标准就变得至关重要:具有调整不对称冲击的安排吗?大部分经济学家强调两大关键安排,一是财政转移,它能缓冲受冲击重创的地区;而是劳动力流动性,它让重创地区工人能够迁往受创较轻地区。

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