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欧洲理事会于2013年7月向欧元区提出的建议,意识到了一系列的财政与宏观结构方面的挑战,但是没有充分探讨欧洲经济治理架构将这些建议付诸实施的政策选择。欧洲理事会的政策建议是基于整个欧元区,而没有根据各成员国特定问题提出专门的政策建议。最主要的缺陷在于,理事会的建议对于欧元区内部的对称性调整没有给予足够重视。关于欧元区“总体财政政策”的论述也是空洞无物,对于需求管理的关注仍然不足,关于结构改革则提出了最全面的建议。2013年7-8月IMF发布的第四条款磋商报告中,其提出的宏观经济政策建议可以力度更大一些,但相对于欧洲理事会的建议,这个报告还是更符合形势。欧元集团主席应该继续讨论经济治理架构的构建,包括银行联盟、在欧元区内建立机构负责管理整个欧元区的财政政策。
The European Council’s recommendations to the Eurozone in July 2013, aware of a series of fiscal and macro-structural challenges, did not fully explore the policy options that the European economic governance structure put into effect. The Council of Europe’s policy recommendations are based on the entire euro zone, without making specific policy recommendations based on the specific issues of each member country. The main drawback is that the council’s proposal failed to pay enough attention to the adjustment of the symmetry within the euro area. The discourse on the euro zone “overall fiscal policy ” is also empty and there is still insufficient focus on demand management and the most comprehensive proposal on structural reform. In July-August 2013, the fourth IMF consultation document released by the IMF could be more macroeconomic policy recommendations, but the report is more in line with the European Council’s recommendations. The Chairman of the Euro Group should continue to discuss the construction of an economic governance framework, including a banking union, and set up an institution in the Euro zone to manage the fiscal policy of the entire Euro zone.