我拯救欧元区的七点计划
标题：拯救欧元区的七点计划
年份：2011
类型：专栏
等级：A1
来源网址：https://www.georgesoros.com/2011/10/24/my_seven_point_plan_to_save_the_eurozone/
1) 欧元区成员国一致认为，有必要缔结一项新条约，在适当时机建立共同财政。它们呼吁欧洲央行在此期间与欧洲金融稳定基金合作应对金融危机——欧洲央行提供流动性；欧洲金融稳定基金承担偿付风险。
1) Member states of the eurozone agree on the need for a new treaty creating a common treasury in due course. They appeal to European Central Bank to co-operate with the European financial stability facility in dealing with the financial crisis in the interim – the ECB to provide liquidity; the EFSF to accept the solvency risks.
2) 相应地，欧洲金融稳定基金（EFSF）接管欧洲央行和国际货币基金组织持有的希腊债券。此举将重建欧洲央行与欧元区各国政府之间的合作，并允许在 EFSF 参与下，实现一次有实质意义的希腊债务自愿削减。
2) Accordingly, the EFSF takes over the Greek bonds held by the ECB and the International Monetary Fund. This will re-establish co-operation between the ECB and eurozone governments and allow a meaningful voluntary reduction in the Greek debt with EFSF participation.
3) EFSF 随后被用来为银行系统提供担保，而非政府债券。资本重组被推迟，但发生时仍将基于各国自身情况。这符合德国的立场，对于法国而言，比立即进行资本重组更有利。
3) The EFSF is then used to guarantee the banking system, not government bonds. Recapitalisation is postponed but it will still be on a national basis when it occurs. This is in accordance with the German position and more helpful to France than immediate recapitalisation.
4) 作为获得担保的交换，大型银行同意接受欧洲央行代表各国政府发出的指令。拒绝服从者将被禁止使用欧洲央行的贴现窗口。
4) In return for the guarantee big banks agree to take instructions from the ECB acting on behalf of governments. Those who refuse are denied access to the discount window of the ECB.
5) 欧洲央行指示银行维持信贷额度和贷款组合，同时派驻监管人员，控制银行自营业务的风险。此举消除了当前信贷紧缩的主要根源之一，并稳定了金融市场。
5) The ECB instructs banks to maintain credit lines and loan portfolios while installing inspectors to control risks banks take for their own account. This removes one of the main sources of the current credit crunch and reassures financial markets.
6）为了解决另一个主要问题——某些国家无法以合理利率借款——欧洲央行下调贴现率，鼓励这些国家发行国库券，并鼓励银行以这些国库券的形式而非在欧洲央行的存款来保持流动性。欧洲央行的任何购买行为，都通过发行自己的票据进行冲销。偿付风险由欧洲金融稳定基金（EFSF）担保。欧洲央行停止公开市场购买。所有这些措施，使得意大利等国家能够以极低成本进行短期借款，而欧洲央行并未向这些政府放贷，也未印钞。债权国可以通过控制罗马方面以这种方式能借入多少资金，间接对意大利施加约束。
6) To deal with the other major problem – the inability of some governments to borrow at reasonable interest rates – the ECB lowers the discount rate, encourages these governments to issue treasury bills and encourages the banks to keep their liquidity in the form of these bills instead of deposits at the ECB. Any ECB purchases are sterilised by the ECB issuing its own bills. The solvency risk is guaranteed by the EFSF. The ECB stops open market purchases. All this enables countries such as Italy to borrow short-term at very low cost while the ECB is not lending to the governments and not printing money. The creditor countries can indirectly impose discipline on Italy by controlling how much Rome can borrow in this way.
7）市场会受到这样一个事实的震撼：当局团结一致，且手头拥有充足的资金。不久，意大利就能以合理利率在市场上借到钱。银行可以重组资本，欧元区成员国也能在更平静的气氛中就共同财政政策达成一致。
7) Markets will be impressed by the fact that the authorities are united and have sufficient funds at their disposal. Soon Italy will be able to borrow in the market at reasonable rates. Banks can be recapitalised and the eurozone member states can agree on a common fiscal policy in a calmer atmosphere.