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知名投資專家George Soros(索羅斯)周日撰文《金融時報》指出，歐元區危機的全面解決方法需有三要素──銀行體系的改革與資本調整、歐元債券(eurobond)系統，以及退場機制。
索羅斯說，第一步是批准歐洲金融穩定基金(EFSF)援救銀行業，銀行的權益資本需要大幅增加。再者，具備有力的歐洲銀行監管機構，能斬斷銀行與監管當局的亂倫關係，比起支配他國的財政政策，對主權的介入程度也較低。
第二，歐洲需要歐元債券。歐元目的是加強統合，事實上卻造成分歧，負債與競爭力各國都不一。
索羅斯說，重債國若得付很高的風險溢酬，其債務將無以為繼，現在的狀況就是如此。解決方法很明顯，赤字國需准予等同於盈餘國的條件，儘行債務的再融資──最好方式就是，所有成員國擔保的歐元債券。
第三，接受援助負債國，必須接受交換條件，包括逐步減債和減赤。若有不願或無法遵守的國家，就必須實行「退場機制」。在欠缺發行歐元債券的能力時，若沒有退場機制，可能會造成失序違約或債券貶值，後果堪憂。
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歐 央行理事斯塔克在此次采訪中還表示，他反對發行的所謂“歐元債券(eurobond)”，這樣做會減少受困國家應對預算問題的動力。斯塔克表示，發行歐元 債券等於將財政穩健國家的良好信譽轉移財政情況不夠穩定的國家。在沒有進行更加深入的政治合作之前，發行歐元債券屬於治標不治本的行為。
=> "財政"結合之前需"政治"結合，則這種背債動作是沒有選民支持的 !
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Merkel dismisses euro bonds 'for the moment'
Monday, August 22, 2011
CHANCELLOR ANGELA Merkel has revived the debate about euro bonds by refusing to rule out the idea of common euro zone debt entirely, instead dismissing the concept “for the moment”.
“The solution to the current crisis will not be possible with euro bonds and this government’s task is to tackle the current crisis,” said Dr Merkel on German public television, adding that each euro zone member must remain responsible for its own sovereign debt.
“Euro bonds are precisely the wrong answer for the moment. They lead to a union of debt rather than a union of stability.”
Last Tuesday in Paris, the German leader appeared to rule out the idea of euro bonds categorically. With her remarks yesterday, she appears to be aligning herself with French president Nicolas Sarkozy who said that euro bonds might come at the end – but not the start – of a period of debt consolidation and fiscal and budgetary integration.
Mr Schäuble said he supported this view in principle, but only if further national sovereignty rights were transferred to Brussels.
His ministry has estimated that euro bonds would cost Germany about €2.5 billion in the first year. Pooling euro zone debt could deprive Germany of its triple-A credit rating and increase borrowing costs by about 0.8 percentage points, according to a leaked internal document.
But collectivising fiscal policy must come as a precursor to any euro bonds, German officials say. The question of euro bonds doesn’t arise for now, Mr Schäuble said, because there was no political appetite for further treaty change needed for common financial policy.
“As finance minister I say it is our task here and now to solve problems as quickly as possible on the basis of existing treaties,” he told the Welt am Sonntag newspaper. “But believe me, the problem is solvable. We had the hope, and still have it today, that the euro would, step by step, bring about political union. That things aren’t far on is one of the reasons for the lack of confidence on the markets.”
Euro bonds would allow all euro zone members to benefit from a common interest rate. The key to reaching political agreement on the issue, he said, was in member states driving down interest rates on their existing sovereign debt through austerity measures and further pooling of economic competences.
“We will not just defend the European currency come what may, we will develop it further, step by step,” he said.
The interviews come ahead of an emergency meeting of Dr Merkel’s ruling Christian Democratic Union parliamentary party tomorrow. Backbenchers are expected to vent their frustration at the government’s euro zone strategy. “We will have a terrible problem in the CDU if the impression was created that Germany is paying for the debts of others, unconditionally,” said Annegret Kramp-Karrenbauer, state governor of Saarland.
======================================================
Debt in Europe Fuels a Bond Debate
By JACK EWING
Published: August 15, 2011
Euro bonds are a deeply controversial idea among both economists and ordinary Europeans. Critics said they would not solve the financial crisis and might create unbearable political tension instead. Voters in stronger countries would balk at assuming the obligations of less prudent members. Some critics argued that euro bonds would unfairly raise borrowing costs for countries like Germany, and, rather than protecting the euro, could lead to the breakup of the currency union.
“Euro bonds could trigger very strong anti-European movements,” said Clemens Fuest, a professor at Oxford. “It would be very hard to sell in Germany.”
The euro bonds debate reflects what is perhaps the central existential question facing Europeans: how much more central government and integration are they willing to accept to save the euro?
“Euro bonds are no silver bullet,” Thomas Mayer, chief economist at Deutsche Bank, wrote in a note on Monday. “They are not available in the short term.” He added, “The E.C.B. is the only stopgap in the current overly nervous market situation.”
But euro bonds are starting to gain political support as a longer run solution. Sigmar Gabriel, head of the opposition Social Democrats in Germany, and George Osborne, the British chancellor of the Exchequer, have both come out in support of euro bonds in recent days.
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儘管歐洲有著種種問題﹐它卻有一個優勢。正如摩根大通(J.P. Morgan Chase)經濟學家最近在報告中指出的﹐總體來看﹐歐洲的財政狀況看起來不錯。歐元區政府國債約相當於GDP的85%。作為一個整體﹐歐元區的預算盈餘（扣除利息）相當於GDP的3.2%﹐遠比美國和英國的財政狀況要好。
市場會接受這種方案麼？一些國家似乎希望推行急劇的財政調整。而且一些政策制定者已經得出結論：這就是解決之道。但對許多國家來說，只關注短期是錯誤的。我們應該記住，市場可能具有兩面性：雖然，如我們上周看到的，市場厭惡高額公共負債，可能會為大刀闊斧的財政整頓計劃歡呼，但它更討厭低水平的經濟增長、或負增長。
索羅斯說，第一步是批准歐洲金融穩定基金(EFSF)援救銀行業，銀行的權益資本需要大幅增加。再者，具備有力的歐洲銀行監管機構，能斬斷銀行與監管當局的亂倫關係，比起支配他國的財政政策，對主權的介入程度也較低。
第二，歐洲需要歐元債券。歐元目的是加強統合，事實上卻造成分歧，負債與競爭力各國都不一。
索羅斯說，重債國若得付很高的風險溢酬，其債務將無以為繼，現在的狀況就是如此。解決方法很明顯，赤字國需准予等同於盈餘國的條件，儘行債務的再融資──最好方式就是，所有成員國擔保的歐元債券。
第三，接受援助負債國，必須接受交換條件，包括逐步減債和減赤。若有不願或無法遵守的國家，就必須實行「退場機制」。在欠缺發行歐元債券的能力時，若沒有退場機制，可能會造成失序違約或債券貶值，後果堪憂。
======================================================
歐 央行理事斯塔克在此次采訪中還表示，他反對發行的所謂“歐元債券(eurobond)”，這樣做會減少受困國家應對預算問題的動力。斯塔克表示，發行歐元 債券等於將財政穩健國家的良好信譽轉移財政情況不夠穩定的國家。在沒有進行更加深入的政治合作之前，發行歐元債券屬於治標不治本的行為。
=> "財政"結合之前需"政治"結合，則這種背債動作是沒有選民支持的 !
======================================================
Merkel dismisses euro bonds 'for the moment'
Monday, August 22, 2011
CHANCELLOR ANGELA Merkel has revived the debate about euro bonds by refusing to rule out the idea of common euro zone debt entirely, instead dismissing the concept “for the moment”.
“The solution to the current crisis will not be possible with euro bonds and this government’s task is to tackle the current crisis,” said Dr Merkel on German public television, adding that each euro zone member must remain responsible for its own sovereign debt.
“Euro bonds are precisely the wrong answer for the moment. They lead to a union of debt rather than a union of stability.”
Last Tuesday in Paris, the German leader appeared to rule out the idea of euro bonds categorically. With her remarks yesterday, she appears to be aligning herself with French president Nicolas Sarkozy who said that euro bonds might come at the end – but not the start – of a period of debt consolidation and fiscal and budgetary integration.
Mr Schäuble said he supported this view in principle, but only if further national sovereignty rights were transferred to Brussels.
His ministry has estimated that euro bonds would cost Germany about €2.5 billion in the first year. Pooling euro zone debt could deprive Germany of its triple-A credit rating and increase borrowing costs by about 0.8 percentage points, according to a leaked internal document.
But collectivising fiscal policy must come as a precursor to any euro bonds, German officials say. The question of euro bonds doesn’t arise for now, Mr Schäuble said, because there was no political appetite for further treaty change needed for common financial policy.
“As finance minister I say it is our task here and now to solve problems as quickly as possible on the basis of existing treaties,” he told the Welt am Sonntag newspaper. “But believe me, the problem is solvable. We had the hope, and still have it today, that the euro would, step by step, bring about political union. That things aren’t far on is one of the reasons for the lack of confidence on the markets.”
Euro bonds would allow all euro zone members to benefit from a common interest rate. The key to reaching political agreement on the issue, he said, was in member states driving down interest rates on their existing sovereign debt through austerity measures and further pooling of economic competences.
“We will not just defend the European currency come what may, we will develop it further, step by step,” he said.
The interviews come ahead of an emergency meeting of Dr Merkel’s ruling Christian Democratic Union parliamentary party tomorrow. Backbenchers are expected to vent their frustration at the government’s euro zone strategy. “We will have a terrible problem in the CDU if the impression was created that Germany is paying for the debts of others, unconditionally,” said Annegret Kramp-Karrenbauer, state governor of Saarland.
======================================================
Debt in Europe Fuels a Bond Debate
By JACK EWING
Published: August 15, 2011
Euro bonds are a deeply controversial idea among both economists and ordinary Europeans. Critics said they would not solve the financial crisis and might create unbearable political tension instead. Voters in stronger countries would balk at assuming the obligations of less prudent members. Some critics argued that euro bonds would unfairly raise borrowing costs for countries like Germany, and, rather than protecting the euro, could lead to the breakup of the currency union.
“Euro bonds could trigger very strong anti-European movements,” said Clemens Fuest, a professor at Oxford. “It would be very hard to sell in Germany.”
The euro bonds debate reflects what is perhaps the central existential question facing Europeans: how much more central government and integration are they willing to accept to save the euro?
“Euro bonds are no silver bullet,” Thomas Mayer, chief economist at Deutsche Bank, wrote in a note on Monday. “They are not available in the short term.” He added, “The E.C.B. is the only stopgap in the current overly nervous market situation.”
But euro bonds are starting to gain political support as a longer run solution. Sigmar Gabriel, head of the opposition Social Democrats in Germany, and George Osborne, the British chancellor of the Exchequer, have both come out in support of euro bonds in recent days.
======================================================
儘管歐洲有著種種問題﹐它卻有一個優勢。正如摩根大通(J.P. Morgan Chase)經濟學家最近在報告中指出的﹐總體來看﹐歐洲的財政狀況看起來不錯。歐元區政府國債約相當於GDP的85%。作為一個整體﹐歐元區的預算盈餘（扣除利息）相當於GDP的3.2%﹐遠比美國和英國的財政狀況要好。
市場會接受這種方案麼？一些國家似乎希望推行急劇的財政調整。而且一些政策制定者已經得出結論：這就是解決之道。但對許多國家來說，只關注短期是錯誤的。我們應該記住，市場可能具有兩面性：雖然，如我們上周看到的，市場厭惡高額公共負債，可能會為大刀闊斧的財政整頓計劃歡呼，但它更討厭低水平的經濟增長、或負增長。
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