欧元区危机治理及其启示

Risk Governance and Its Revelation from Euro Zone

目前,欧元区主权债务危机、银行危机、增长危机的交织、蔓延,根源在货币联盟非对称冲击调整机制缺失和非国家货币的内在缺陷。改善货币联盟治理,要以共同行动稳定市场预期,以货币基金稳定共同货币,以财政联盟强化风险分担,以政治联盟强化规则约束。面对欧元区危机对我国的影响和冲击,我国宜加强宏观审慎管理,从强化财政自动稳定器作用、强化银行系统风险防范、强化外部风险免疫能力等方面加以应对。

At present, the Euro zone is troubled with sovereign debt crisis, banking crisis, growth crisis in an interwoven and spreading manner, and the root causes lie with the absence of asyrmnetric shock adjustment mechanism of the monetary alli- ance and the inherent weaknesses of non-national currency. To improve the governance of the monetary alliance, it is necessary to stabilize the market expectations with concerted actions, to stabilize the common currency with Monetary Fund, to strengthen risk-sharing with fiscal union, and to strengthen regulation and constraints with political alliance. In the face of impact and shock from Euro zone crisis on China, we should strengthen macro-prudential management, responding in the aspects of strengthened fiscal automatic stabilizers, enhanced risk prevention in the banking system, and reinforced immunity to external risks.