Download publication

Policy Brief

欧元区管理改革:需要解决的问题及途径

By: and Date: February 27, 2016 Topic: European Macroeconomics & Governance

Disclaimer: This is a Chinese translation produced by the Shanghai Academy of Social Sciences based on the paper “Euro-area governance: what to reform and how to do it”.

导言

欧元区在庆祝成立十周年时,受到了金融危机的侵袭。 这场危机始于美国,迅速蔓延至欧洲。在应付这场迫在眉睫的危机以及经多年累积而成的大规模的财政、金融、结构性失衡时,经济及货币联盟(EMU)准备不足。此次金融危机,先是在2010年转化成为希腊主权债务危机,随后在2011-12年间,演化成全面的银行-主权债务危机,并曾一度威胁到货币联盟的生存。现在债务危机已经减弱,但代之而起的是增长微弱、通胀近零的经济危机。这种失去十年的忧虑正在欧元区回荡,但各国政府对此却反应迟缓[1]

欧元区的两大特征对此次危机的产生和其后解决上的困难有着特殊的负面影响:各成员国间[2]经济(及政治、社会的)差异巨大,导致了某些情况下政策的失效,再有,欧元区的经济管理体制也不足。对这种管理的改革,需在三大领域进行。

首先,虽然欧元区的整合已达相当程度,但欧盟银行和金融体系是在没有相应的监管和清盘结构下运作的。银行业联盟及各种宏观审慎措施构成了主要的制度性因应措施,尽管这些因应措施仍需在适当时候予以改进,但这已超出这一期《政策概要》的讨论范围。其次,在既无标称汇率、又无彻底融合的劳力市场的情况下,欧元区需要有一种体系来防止成员国之间单位劳动力成本(ULC)的过度分化。第三,欧元区需要有一个财政管理体系以便(1)确保各成员国的财政可持续性,(2)制定全区的财政政策立场,(3)在发生银行和主权危机时,快速提供财政资源、及时解决问题。我们就第二点和第三点[3]提出中期管理改革的建议,并以讨论目前最为紧迫的短期挑战为本文作结。

[1]见Mark Carney (2015)讲话,“命运眷顾无畏者”,纪念Hon. James Michael Flaherty, P.C., Iveagh协会,都柏林,2015年1月。欧洲央行近期措施值得欢迎,但不足以避免失去的十年。

[2] Sapir(2005),“全球化与欧洲社会模式的改革政策”,见《Bruegel 2005年政策意见书》   总体政策自满和极大的节制是导致失衡的其他因素。

[3]随着银行业联盟的创建可各种系统风险机构的设立,资金流动和银行脆弱性的第一个政策挑战已经解决。 管理结构已经建立,但仍需改进。

View comments
Read article More by this author

Blog Post

Latest data shows developing trends in the European Central Bank’s refinancing operations

The stock of liquidity supplied through the ECB’s open market operations has remained relatively stable, though there is a clearer change in the country composition.

By: Konstantinos Efstathiou Topic: European Macroeconomics & Governance, Finance & Financial Regulation Date: December 12, 2017
Read about event More on this topic

Upcoming Event

Dec
13
11:00

Better policies for people on the move

This event will feature the launch of a new Bruegel study on the impact and integration of migrants in the European Union.

Speakers: Manu Bhardwaj, Elizabeth Collett, Zsolt Darvas, Eva Degler, Maria Demertzis, Arjen Leerkes, Rainer Münz, Matthias Oel, Alessandra Venturini and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels
Read article More by this author

Blog Post

The DSGE Model Quarrel (Again)

Dynamic Stochastic General Equilibrium models have come under fire since the financial crisis. A recent paper by Christiano, Eichenbaum and Trabandt – who provide a defense for DSGE – has generated yet another wave of reactions in the economic blogosphere. We review the most recent contributions on this topic.

By: Silvia Merler Topic: European Macroeconomics & Governance, Global Economics & Governance Date: December 11, 2017
Read article More on this topic More by this author

Blog Post

Sovereign Concentration Charges are the Key to Completing Europe’s Banking Union

The past crisis revealed that most euro-area banks have disproportionate sovereign exposure in their home country. Charging banks for sovereign concentration is one solution to this issue, and would help advance the discussion on banking union.

By: Nicolas Véron Topic: European Macroeconomics & Governance Date: December 7, 2017
Read about event More on this topic

Past Event

Past Event

Health care and macro-economics in Europe

What are the strengths and challenges of health care systems in each EU country? What are the common policy priorities and opportunities for EU value added?What role do healthcare systems play in public finances and macroeconomic developments? What are the economic values of investing in healthcare?

Speakers: Zsolt Darvas, Caroline Costongs, Per Eckefeldt, Sylvain Giraud, Petra Laux and Xavier Prats Monné Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: December 7, 2017
Read article More on this topic

Blog Post

Promoting intra-regional trade in the south of the Mediterranean

Regional integration is still a sure way for economies in development to achieve economic growth on the global market. The south of the Mediterranean has still a low level of intra-regional trade integration, dominated by some overlapping trade agreements and political instability. The EU has the opportunity to play a decisive role, promoting and coordinating the process.

By: Filippo Biondi and Maria Demertzis Topic: European Macroeconomics & Governance Date: December 6, 2017
Read article More on this topic More by this author

Blog Post

The eurozone medley: a collection of recent papers on the future of euro-area governance

Our scholars Grégory Claeys, André Sapir, Dirk Schoenmaker, Nicolas Veron and Guntram B. Wolff, explore the next steps needed to create a more functional and coherent economic governance framework.

By: Bruegel Topic: European Macroeconomics & Governance Date: December 6, 2017
Read article More on this topic More by this author

Blog Post

How the EU has become an immigration area

Natural change of EU28 population (the balance of live births and deaths) has fallen from high positive values in the 1960s to essentially zero recently, while the previous close-to-zero net immigration has turned positive and, since the early 1990s, become a more important source of population growth than natural increase

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: December 6, 2017
Read article More by this author

Blog Post

The European Union with the Community of Latin America and the Caribbean: where do we stand?

Latin American and Caribbean countries have deep historical, political, cultural, and economic ties with Europe, and cooperation between the two regions has been intensifying recently. Here we report some of the main trends in trade, foreign direct investment, and agreements between the European Union and The Community of Latin American and Caribbean States, the European Union’s official counterpart in the bi-regional strategic partnership that commenced in 1999.

By: Francesco Chiacchio Topic: European Macroeconomics & Governance, Global Economics & Governance Date: December 5, 2017
Read article More by this author

Opinion

EU should pay member states to get rid of coal

The European Union should act to ensure the continued transformation of its energy system, and encourage member states to overcome their dependence on coal for supplying electricity. Helping coal-mining regions with the transition should require €150 million per year – a mere 0.1% of the total EU budget – and the EU would not even need to establish a new fund to support it.

By: Simone Tagliapietra Topic: Energy & Climate, European Macroeconomics & Governance Date: December 5, 2017
Read article More on this topic More by this author

Opinion

The European Commission should drop its ill-designed idea of a finance minister

Beyond the opposing ideas of Jean-Claude Juncker and Wolfgang Schäuble for future euro-area governance, Guntram Wolff explores how alternatives such as a reformed Eurogroup might yield more effective fiscal policy-making.

By: Guntram B. Wolff Topic: European Macroeconomics & Governance Date: December 4, 2017
Read about event More on this topic

Past Event

Past Event

Flexicurity and labour market reforms in Europe

This event will discuss the potential of the flexicurity model as employment strategy and the way it could be implemented in European countries to be successful.

Speakers: Grégory Claeys, Philip Collins, Werner Eichhorst, Antoine Foucher, Maria Jepsen and Marco Leonardi Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: December 4, 2017
Load more posts