It has been the eurozone’s misfortune that governments become complacent the very minute the European Central Bank starts to act. We saw it last year when the ECB injected €1tn into the banking system, and when the crisis resolution process immediately stalled. You see it now in Spain, where Mariano Rajoy is refusing to make a formal application for a full rescue programme. The fall in bond spreads has taken the pressure away.
欧元区的不幸是,一旦欧洲央行(ECB)开始行动,政府就变得自满。去年,欧洲央行为银行体系注资1万亿欧元,危机解决进程便立即停滞,从中我们看到了这种自满。在如今的西班牙也能看到这种情绪——首相马里亚诺·拉霍伊(Mariano Rajoy)拒绝为一项全盘纾困计划提出正式申请。债券息差的回落解除了压力。
But nowhere is the onset of complacency more evident than in the ongoing discussion about a banking union. I always suspected that Germany would turn out to be the stumbling block. And I was not surprised to read Wolfgang Sch?uble in the Financial Times on Friday arguing that the ECB cannot conceivably supervise 6,000 banks– which the European Commission will propose next week. Michel Barnier, finance commissioner, says it makes no sense to limit a system of bank supervision to the largest banks. Northern Rock, Dexia and Bankia would all have fallen outside the remit of a central European regulator. The largest eurozone banks are much less of a problem than the countless undercapitalised regional banks run by people with no understanding of the risks they are taking.
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2020-09-15
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