试论欧洲经济与货币联盟(EMU)财政政策的有效性

欧洲经济与货币联盟(EMU)有统一的货币机构、管理货币与汇率政策,受制于辅助性原则,EMU没有统一的中央财政机构,财政政策职责仍主要由各成员国履行.由于经济全球化的发展、"欧洲情结"的滋长以及欧盟公共产品空间边界的不断延伸等,经济与货币联盟的进一步一体化面临更大的压力.进行卓有成效的政策协调,短期内可以解决这些问题,但若想长期地更好地处理分配、再分配及宏观经济稳定等问题,创设一个统一的中央财政机构势在必行.

On the Effectiveness of Fiscal Policy of EMU

European Economic and Monetary Union has a central monetary authority, operates monetary and exchange rate policies. With the restraint of the subsidiary principle, EMU does not envisage a central fiscal authority; fiscal policy remains a national responsibility. Along with the globalization of economies, the growing of "European sentiments" and the widening of spatial incidence of European public goods, it will generate pressures for closer economic integration. In the short term, effective policy coordination may address those pressures satisfactorily, but in the long term, it is increasingly necessary to create a central fiscal authority to regard allocation, redistribution and stabilization.