Abstract

This paper investigates the monetary–structural origins of the euro-area crisis and offers a critical analysis of the monetary policy decisions of the European Central Bank in this regard. The first section explains that the euro-area crisis is the unavoidable result of the monetary architecture of the European Monetary Union, where the TARGET2 payment system lacks an international settlement institution to make sure that every cross-border transaction is paid finally. To solve this issue, the second section suggests a monetary–structural reform of the TARGET2 payment system in the spirit of Keynes’s Plan. The third section focuses on the European Central Bank, to point out the major flaws and shortcomings of its monetary policy strategy, particularly after the euro-area crisis burst near the end of 2009. The last section concludes and provides some political economy considerations.

摘要

本文调查了欧元区危机的货币结构根源，并对欧洲央行在这方面的货币政策决策进行了批判性分析。第一部分解释了欧元区危机是欧洲货币联盟货币架构不可避免的结果，TARGET2支付系统缺乏国际清算机构来确保每笔跨境交易最终得到支付。为了解决这个问题，第二部分建议本着凯恩斯计划的精神对 TARGET2 支付体系进行货币结构改革。第三部分重点关注欧洲央行，指出其货币政策策略的重大缺陷和不足，特别是在2009年底欧元区危机爆发之后。