若这一设想得以实现,欧元区的平均借款成本将会有少许的下降。到那时,败坏财政纪律的罪犯将享受到债券收益率下降的好处,而行为端正的好人则要承受比现在更高的发债成本。从长期来看,这种为恶棍缓解压力的做法将毁坏欧元区的公共财政基础。若要避免此种不幸,各国的财政预算必须从欧元区总体层面上加以严格控制,这势必要求各国打破思想上的框框,将政治一体化的进程向前继续推进。
Any feasible plan for Eurobonds will therefore have to be on a partial basis. That meanslimiting the scope of joint guarantees to specific portions of member states sovereigndebt, or setting a defined lifespan to the guarantees. One idea is to confine the maturityof Eurobonds to short-term debt. Wim Boonstra, chief economist of Rabobank in theNetherlands, advocates a facility for euro-zone countries to finance themselves for four yearsthrough jointly-guaranteed debt of up to two years in maturity. This plan would excludeGreece, Ireland and Portugal while they are receiving rescue finance, but it would take theheat off Italy and Spain and provide their banks with a safe common asset. One snag is that itencompasses the very maturity at which their governments already find it easiest to borrow.Another is that by encouraging countries to issue debt at shorter maturities, the programmewould create a bigger refinancing hump at the point when it was wound up.
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