Even Mr Barnier’s proposal, far-reaching as it may be, will not be sufficient. A banking union requires more than just an agreement on a central regulator. It would have huge implications for national law. For as long as national insolvency and labour laws diverge, the central regulator cannot just walk in and fire directors, or close down a bank. The banking union needs to be backed by a harmonisation of commercial and labour laws as they apply to banks – or better still, it should take the banks completely out of national jurisdiction.
巴尼耶的提议可能所涉范围甚广,但还是不够。银行业联盟需要的,不仅仅是一纸关于中央监管机构的协议。它对各国法律也有着深远影响。因为,只要各国的破产法和劳动法存在分歧,中央监管机构就不能随意介入并解雇高管,或是关闭银行。商业法和劳动法应用于银行时就需要协调统一,这是银行业联盟的支柱。如果银行业联盟完全将银行带出国家司法管辖范围之外,那就更好了。
If I had one piece of advice for Mr Draghi, it would be this: do not accept an unlimited bond purchasing programme without an agreement on a credible banking union. The issues are not directly linked, but without a stabilisation of the financial sector, no ECB bond purchasing programme can succeed in the long run.
如果我要对德拉吉提一个建议的话,这个建议是:若没有达成协议建立一个可靠的银行业联盟,就不要接受无限制的债券购买计划。两件事并没有直接关系,但没有金融业的稳定,欧洲央行的债券购买计划就不会在长期内取得成功。
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