歐盟研究報告推薦歐元區共同債券
Joint ‘eurobonds’ proposed to calm markets
The introduction of a joint “eurobond” that would entirely replace national issuance by individual members of the single currency area could offer the best solution for policymakers seeking a more stable sovereign debt market, according to a study by the European Commission.
根據歐盟委員會(European Commission)的一份研究報告，推出“歐元區共同債券”(eurobond)、完全取代歐元區各個成員國發行的主權債券，或許是穩定主權債務市場的上策。
The analysis, obtained by the Financial Times ahead of its publication on Wednesday, argues that the creation of commonly backed “stability bonds” would ensure all eurozone members could meet their financing needs and create a vast market that could compete with US treasuries as a global benchmark.
該報告定於周三對外發布，英國《金融時報》事先拿到了文件。報告中指出，推出共同擔保的“穩定債券”，將確保所有歐元區成員國都能滿足融資需求，並創建一個龐大的市場，可以作為一種全球基準與美國國債競爭。
“This approach would be most effective in delivering the benefits of stability bond issuance,” the report says. “The full substitution of stability bond issuance for national issuance would assure full refinancing for all member states irrespective of the condition of their national public finances.”
報告稱：“就實現穩定債券的效益而言，這種做法將最為有效。發行穩定債券、完全取代國債，將確保所有成員國都能完全滿足再融資需求，而不管其公共財政狀況如何。”
The complete substitution of national bonds for so-called “eurobonds” is one of three options outlined in the study. The report acknowledges that the move would require extensive changes in European Union treaties that could delay its implementation for years.
報告中總共列出了三種選擇方案，以“歐元債券”完全取代國債是其中之一。報告中承認，採取這種做法需要對歐盟各項條約的大量條款進行修訂，在實施方面可能會耽誤多年時間。
In addition, such extensive pooling of sovereign debt has been fiercely resisted in Germany, where officials believe it would relieve market pressure on profligate eurozone countries, allowing weak economies to become “free riders” on the strong credit rating of Germany.
此外，有關建立一個龐大的主權債務池的說法已經招致德國的強烈反對。德國官員認為，這種做法將減輕揮霍成性的歐元區國家所承受的市場壓力，讓實力較弱的經濟體得以搭上信用評級較高的德國這輛順風車。
Still, senior EU officials believe Germany can be persuaded if the scheme includes strict rules over sovereign spending, and the Commission report includes proposals for vastly expanding Brussels’ authority over national budgets.
不過歐盟高級官員仍然認為，如果在主權開支方面事先制定嚴格規定，還是有可能說服德國的。上述報告中就提出了數項建議，擬大幅提高歐委會在管束各國預算方面的權力。
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