“野蜂飞舞”再次奏响:欧元区共同财政政策路在何方?

The Next Flight of the Bumblebee:The Path to Common Fiscal Policy in the Eurozone

罗伯特·蒙代尔提出的“最优货币区理论”,阐述了非对称冲击是建立货币联盟面临的主要宏观经济挑战。欧元作为“最优货币区理论”最成功的一次实践,即使缺乏共同财政政策和政治联盟,依然在艰难前行。新形势下,新冠疫情、气候变化、数字转型、国防军事等超国家共同目标超越了过往的非对称冲击,为欧盟实施共同财政政策带来了机遇。未来,亟须围绕超国家目标在联盟层面上重构欧盟财政规则,重启《欧盟条约》推动实质上的政治联盟,才能确保欧元继续向前。

The theory of optimal currency areas(OCA),proposed by Robert Mundell,describes asymmetric shocks as the main macroeconomic challenge to the establishment of monetary unions.The euro,as the most successful practice of the"optimal currency area theory",is still struggling to move forward even in the absence of a common fiscal policy and political union.In the new situation,the Covid-19 pandemic,climate change,digital transformation,military defense and other common supranational goals beyond the past asymmetric shocks,for the EU to implement a common fiscal policy opportunities.In the future,there is an urgent need to reconfigure EU fiscal rules around supranational objectives at the federal level and to revive the EU Treaty to promote a substantial political union in order to ensure that the euro continues to move forward.