为什么说欧元债券不是美国式的

布鲁塞尔—目前,欧洲的新共识是只有通过欧元债券将“债务共同化”才能拯救欧元危机,该方案的鼓吹者频繁引用美国早期的历史,当时华盛顿政府的财政部长汉密尔顿成功地迫使新联邦政府揽下美国各州的独立战争债。但若更仔细地考察就能发现,美国建国之初的经验既算不上是有用的类比,也绝不是欧洲债券令人鼓舞的先例。

首先,揽下现存州债务转换为联邦债务与允许个别成员国发行所有成员国共同兜底的“连带”责任债券是截然不同的。汉密尔顿并不需要担心道德风险,因为联邦政府并不对任何州级新债提供担保。

其次,很少被提及的是,当时美国联邦债务(约4000万美元)比各州债务(约1800万美元)多得多。因此,将州债务揽下并不是美国独立战争后实现金融稳定性的中心原因,相反,这只是大部分债务起源于为统统目标而战这一事实的自然结果。

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