欧洲货币联盟设计中的缺陷

Design Failures in the European Monetary Union

欧债危机暴露了欧洲货币联盟运作机制的设计缺陷:财政纪律松散、金融监管失当和欧洲央行角色定位存在偏差。危机也为欧元区矫正缺陷提供了改革契机。强化财政纪律有两种思路,制定新的"财政条约"和采取"宪制安排";提高监管效率的改革理念是实施金融监管集中化;欧洲央行应将金融稳定作为主要目标,并承担最后贷款人的角色。文章对上述理念进行了评述,指出除此之外欧盟需要开展更加广泛和深刻的改革。

Design failures, such as weak fiscal discipline, unbinding financial regulation and malfunction of the European Central Bank (ECB) in the European Monetary Union have been exposed during this debt crisis. The crisis provides an opportunity for reforms. Two solutions, namely Fiscal Compact or constitutional arrangement, can be identified to enhance fiscal discipline; the idea to strengthen financial regulation is centralization; and the ECB would set financial stability as its main objective and act as the lender-of-last resort. This article reviews these proposals and concludes that many more measures need to be taken.