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Austerity, Growth and Inflation: Remarks on the Eurozone's Unresolved Competitiveness Problem

机译：紧缩，增长和通货膨胀：关于欧元区尚未解决的竞争力问题的评论

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Many European leaders have advocated growth programmes for Europe's crisis-stricken countries, meaning in fact debt-financed expenditure programmes. In this note, I will argue that such programmes are not the right medicine, since the Eurozone suffers from an internal competitiveness problem rather than a temporary lack of demand. They would provide temporary stimulus and relief, but at the expense of postponing the long-term adjustments that are needed to improve the competitiveness of the crisis-stricken countries. They are a painkiller that dampens the symptoms but does nothing to cure the underlying illness. What Europe needs is austerity in the south and inflationary growth in the north to improve the competitiveness of the south and to structurally improve the current account imbalances. However, instead of taking hectic policy actions, what this requires is simply more tolerance towards market forces that are already working in this direction. The financial crisis has calmed down somewhat, thanks to the fact that the ESM and the ECB stand ready to buy any troubled country's government bonds if bankruptcy looms, hence shifting the burden of write-off losses, or of transfers aimed at preventing such losses, to the taxpayers of the Eurozone's still-solid economies. This has provided a respite, but it is not a contribution to a real solution of the Eurozone's problems.
机译：许多欧洲领导人主张为欧洲受危机影响的国家制定增长计划，实际上是指由债务资助的支出计划。在本文中，我将辩称此类计划不是正确的药物，因为欧元区遭受内部竞争问题的困扰，而不是暂时缺乏需求。它们将提供暂时的刺激和救济，但以推迟为提高受危机困扰国家的竞争力所需的长期调整为代价。它们是止痛药，可减轻症状，但无助于治疗潜在疾病。欧洲需要的是南方的紧缩和北方的通货膨胀增长，以提高南方的竞争力并从结构上改善经常账户的失衡。但是，与其采取忙碌的政策行动，不如采取进一步的行动，而是要更加容忍已经朝这个方向努力的市场力量。由于ESM和ECB随时准备购买任何陷入困境的国家的政府债券（如果破产迫在眉睫），因此金融危机有所缓解，从而转移了冲销损失或旨在防止此类损失的转移的负担，欧元区仍然坚实的经济体的纳税人。这提供了喘息的机会，但这并不能真正解决欧元区的问题。

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  • 来源
    《The World Economy》 |2014年第1期|1-13|共13页
  • 作者

    Hans-Werner Sinn;

  • 作者单位

    Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, Germany;

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