歐元

Europe cannot default its way back to health
違約解決不了問題


歐洲央行執委會委員斯馬吉:要了解歐洲當前的形勢,經濟學教科書是有用,但歷史經驗更有用。一個觀點是,治療會帶來比疾病更大的傷害。

Among the many things we have learnt from this crisis is that governments and financial markets find it difficult to understand each other. Governments cannot grasp why the markets lose confidence in the state of public finances so quickly and regain it so slowly, after a long period of fiscal consolidation. The markets, for their part, are mystified by the failure of governments to take simple and timely steps to sort out the problems they face.

我們從這場危機中學到的諸多教訓之一是,政府與金融市場很難相互理解。政府不明白,市場對公共財政狀況的信心爲何失去得如此之快,恢復得卻如此緩慢——哪怕已經經歷了長時間的財政整頓。市場則很困惑,政府爲何不能採取簡單而及時的措施來解決它們所面臨的問題。

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