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Replacing the Stability and Growth Pact?

机译:取代稳定与增长公约?

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The euro-zone division between a single, federal monetary system and separate national fiscal systems is troublesome. The attempt to deal with it via the Stability and Growth Pact has not succeeded. Any hopes that the function of stabilizing asymmetric shocks might be shifted to the federal centre have been dashed by the referendums. I argue that the main concern over the event of a failure of a nation state in the euro-area to meet its debts is the contagious effect that that would currently have on its domestic financial intermediaries. So the proper response would be to enforce significant incremental capital requirements on financial institutions' holdings of such debt.
机译:单一的联邦货币体系和独立的国家财政体系之间的欧元区划分是麻烦的。通过《稳定与增长公约》解决这一问题的尝试并未成功。全民公决粉碎了任何希望将稳定不对称冲击的功能转移到联邦中心的希望。我认为,对于一个欧元区民族国家未能偿还债务的事件,主要关注的是当前对其国内金融中介机构的传染性影响。因此,正确的应对措施是对金融机构持有的此类债务实施大量的增量资本要求。

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