或许这种局面最令人沮丧之处在于,德拉吉在上周取得的成功,可能最终削弱欧洲央行的整体宏观经济政策力度。德拉吉虽在购买债券议题上孤立了魏德曼,却不能在宏观货币政策行动上也这么做。我怀疑,欧洲央行现在可能不愿进一步降息,而是更倾向于在看到第一缕经济复苏的“虚幻曙光时便提高利率。我只希望自己的推测是错误的,因为那将是一场灾难。正如我上周所说,我也并不看好危机解决策略的另一个关键组成部分——银行业联盟,一种可以用来防范持续内部失衡风险的间接经济转移机制。
The German revolt is thus deeply troubling. The problem is not Angela Merkel, who has taken a neutral position in the Draghi v Weidmann contest. The problem is a shift in public opinion. The German public has bought into the narrative that the crisis was caused by profligate southern European politicians and consumers, who had wasted the first decade of their membership of the eurozone indulging in a debt-financed housing and consumption boom. It is a false morality tale – mostly devoid of economic reasoning. But this has not stopped it from becoming the dominant narrative. Not enough politicians, certainly not enough journalists and commentators, are pushing against this narrative. Ms Merkel’s single biggest error in her management of the crisis was her failure to get this narrative under control, or establish a narrative of her own. With her famous red lines on eurozone bonds and deposit insurance, she even ended up reinforcing the narrative.
【欧元区须警惕德国一意孤行】相关文章:
最新
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15