银行，政治与欧洲货币联盟

Banks, Politics andEuropean Monetary Union

作者：

马丁·海尔维格（Martin Hellwig）

This contribution to the panel on the future to EMU discusses the tensions that arisefrom the fact that banks are, on the one hand, an essential element of the monetarytransmission mechanism and, on the other hand, an integral part of local, regional ornational polities. Banking union can eliminate or at least reduce some of the procrastination that has allowed maintained bank weaknesses to persist and harmed thetransmission of monetary policy but, whereas the SSM has been fairly successful, resolution is still not working properly and needs further reforms. At the same time, banking union suffers from the problem that interventions from Brussels or Frankfurt areseen as infringements of national sovereignty that lack political legitimacy. The conflict between supranational and national interests is ultimately irresolvable but, if EMUis to survive, measures must be taken to limit its impact.
种对欧洲货币联盟未来小组的贡献讨论了以下事实引起的紧张关系：一方面银行是货币传导机制的重要组成部分，另一方面又是地方，区域或地方ZF的组成部分国家政体。银行业联盟可以消除或至少减少一些拖延现象，这些拖延使维持的银行弱点得以持续并损害了货币政策的传导，但是，尽管SSM相当成功，但解决方案仍无法正常工作，需要进一步改革。同时，银行联盟遭受这样的问题：布鲁塞尔或法兰克福的干预被视为侵犯了政治上没有合法性的国家主权。