从主权债务危机看欧元区的内在稳定性

Evaluating Eurozone's Inherent Stability from Its Sovereign Debt Crises

2009年爆发的欧洲主权债务危机,是欧洲一体化进程中出现的重大挑战,也对欧元区的内在稳定性和长期发展提出了质疑。货币一体化理论指出,货币同盟的稳定性不仅取决于经济一体化的程度,还取决于区域内各国经济基本面的趋同程度。欧元区一体化进程加大了核心与边缘成员的差异,却未建立起区域层面的风险分担机制,最终导致危机的爆发。因此,进行结构改革、增强区域风险分担机制的建设,将是欧元区未来实现长远稳定的必经之路。区域一体化应更多关注成员国发展的平衡性。

European sovereign debt crises, which broke out in 2009, are major challenges to Europe＇s integration process. They cast doubt upon the inherent stability and long-term development of Eurozone. Monetary integration theory shows that the stability of monetary union depends not only on the degree of economic integration, but also on the degree of convergence of the member countries＇ economic fundamentals. The integration of Eurozone had increased the difference between central and marginal countries, but failed to establish a risk-sharing mechanism at the regional level.This finally led to the outbreak of the crises. Thus, to reform the structure of Eurozone and to promote the construction of regional risk-sharing mechanism are the necessary ways to guarantee the long-term stability of Eurozone. Regional integration should pay more attention to the balance between member countries＇ development.