2010年5月13日 - Editor's Note: In response to the European rescue package recently announced by the European Union and the International Monetary Fund, Domenico Lombardi analyzes whether the plan can stabilize the euro, the future of the European monetary union and the implications for the US and global economy. 编者按:可以稳定欧元,未来经济的欧洲货币联盟,而其中涉及对美国和全球应对欧洲救市计划最近宣布的国际欧洲联盟和货币基金是否,多米尼科隆巴迪分析计划。 Jean-Claude Trichet, President of the European Central Bank (ECB).特里谢,欧洲中央银行(欧洲央行行长)。
View Larger 点击放大 Reuters/Kai Pfaffenbach路透社/启普芬巴赫 RELATED CONTENT相关内容 What Is the Next Sick Economy of Europe? 什么是病态的下一次欧洲经济? Domenico Lombardi 多米尼科隆巴迪
PBS NewsHour PBS的新闻时间
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The Brookings Institution布鲁金斯学会
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Web Chat: The Greek Crisis and Europe's Reaction 网络聊天:希腊和欧洲危机的反应 Domenico Lombardi 多米尼科隆巴迪
The Brookings Institution布鲁金斯学会
May 26, 2010 2010年5月26日
More Related Content �0�3 更多相关内容�0�3 While the European Union emergency plan led to an immediate gain in stocks, will the plan succeed in the long run? 虽然欧洲联盟紧急计划导致股市即时增益,该计划将在长期运行成功? What additional action can the EU and its member states take to regain financial stability? 什么进一步的行动可以欧盟及其成员国采取的恢复金融的稳定? Shortly after the announcement of a European emergency fund to stabilize the euro-area economy, gains were seen in the financial markets.不久后,欧洲紧急基金宣布稳定欧元区经济增长在金融市场出现。 The European Stabilization Mechanism (ESM) may throw up to $1 trillion (or EUR 720 billion, including some EUR 220 billion to be provided by the IMF on a country-by-country basis) at the euro-area economies.欧洲稳定机制(ESM)的可能抛出高达1万亿美元(或欧元7,200亿元,2,200亿欧元,包括一些必须由国际货币基金组织提供的一个国家,由国家的基础上在欧元区经济体)。 But within hours, the euro exchange rate with the dollar soon dropped back to its pre-announcement levels.但是在几个小时内,欧元与美元汇率很快回落到其预先宣告的水平。 Two factors may explain this lukewarm reaction.有两个因素可以解释这种冷淡的反应。 First, the bulk of the money promised by the euro-area countries is not there yet.首先,由欧元区国家所承诺的资金大部分是还没有。 In fact, euro countries will be providing guarantees that will enable the ESM to borrow from the financial markets and then lend to countries in need.事实上,欧元区国家将提供保证,使借用的无害环境管理的金融市场,然后借给有需要的国家。 How these funds will be disbursed, and under what decision-making mechanism, is not yet known.这些资金将如何发放,以及在何种决策机制,尚不得而知。 Can they be used to fund precautionary arrangements as a preemptive strike?他们能否被用于资助为先发制人的预防措施? Or will the requesting countries need to show they have no alternative, as was the case with Greece?或将申请国必须证明他们已别无选择,因为是与希腊的情况? Will the disbursements require the unanimous consent of all 16 euro-area countries?请问付款要求所有16个欧元地区国家的一致同意? Markets are eager to know.市场是渴望知道的。 Secondly, there is widespread understanding that the ESM is more of a cure for the symptom rather than the cause.第二,人们普遍的理解是,无害环境管理是一项事业,而不是更多的症状治疗。 Countries in financial difficulty will be offered further debt to tackle an already unsustainable pile of debt.在财政困难的国家将提供进一步的债务,以解决不可持续的债务已经桩。 It is true that some euro-area countries are frontloading their fiscal adjustment but what market participants would like to see is a far-ranging, sustainable plan that would foster the growth potential of the euro area in the long run, rather than just an increase in the fiscal pressure, which will further cripple their growth prospects.诚然,一些欧元区国家的财政调整,但前期的市场参与者想看到的是一个范围广泛,可持续计划,将促进在长远来看,欧元区的增长潜力,而不是仅仅增加在财政压力,这将进一步削弱其增长前景。 Is greater political and economic integration needed for the euro area to function under one monetary unit? 是更大的政治和经济一体化方面所需要的功能在一个欧元货币单位? The basic principle that has underpinned, in practice, the policymaking within the eurozone is that it is sufficient to delegate the conduct of the monetary policy to an independent central bank, rather than harmonize the full spectrum of economic policies beyond the European Central Bank (ECB)-run monetary policy.基本原则是有基础在实践中,欧元区内的决策是,这是足以代表了货币政策的实施,以一个独立的中央银行,而不是统一超出欧洲中央银行(欧洲央行的经济政策,全谱)经营的货币政策。 The European monetary union cannot run on automatic pilot based in Frankfurt.欧洲货币联盟不能运行在法兰克福的自动驾驶。 It needs to be underpinned by a common policymaking framework and a constantly-renewed political commitment to this historical achievement.它需要由一个共同决策的框架和一个不断,新的政治承诺,这一历史性的成就为基础。 The policymaking framework has increasingly weakened as countries have been running unsustainable fiscal and financial policies that the recent international crisis has definitely highlighted.决策框架日益削弱的国家已不可持续的财政和金融运行,近期的国际危机,肯定突出政策。 Instead of pursuing medium-term growth plans consistent with economic stability, the euro area policymaking was being anchored to the thresholds indicated by the Maastricht Treaty.与其追求的中期发展计划与经济稳定一致,欧元区决策被固定在阈值的马斯特里赫特条约表示。 What was meant to be a set of criteria to benchmark the stability of the euro-area economy has inappropriately become the comprehensive anchor of the entire euro-area policymaking.是什么意思是一套标准的基准对欧元区经济的稳定,不适当地成为整个欧元区的决策全面主播。 Despite that, countries have deliberately and continuously broken those rules that they had created for themselves.尽管如此,国家已经有意和不断打破那些他们已经为自己制定的规则。 No wonder that the IMF has been called in to underpin the credibility of the ESM.无疑,国际货币基金组织一直呼吁,以支持无害环境管理的公信力的怀疑。 What are the immediate and long-term implications on the United States and global economies? 你对美国和全球经济的近期和长期的影响? The White House has had several calls with its counterparts in Europe in the recent weeks; and the US Federal Reserve has started to lend large amounts of dollars again to various central banks, including the ECB, in an attempt to ease liquidity in the markets.白宫已与欧洲的同行在最近几个星期几个电话,以及美国联邦储备委员会开始了大量的美元贷款再次向中央各银行,包括欧洲央行,试图缓解市场流动性。 For the US economy, the consequences may be more relevant than commonly assumed: Europe is its most important trading partner and the US needs to export more to this area to increase job creation and consolidate the recovery.对于美国经济,可能会造成更多的相关比一般认为:欧洲是其最重要的贸易伙伴,美国需要更多的这方面的出口,增加就业机会,巩固经济复苏。 Moreover, as the euro may remain weak in the near future, this will increase the competitiveness of European exports to the international markets in which Europeans compete with American manufacturers.此外,由于欧元可能在不久的将来仍然疲弱,这将增加在欧洲人的美国制造商与欧洲的出口竞争国际市场的竞争力。
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