更全的杂志信息网

The Prospect of Reform in the Post-crisis Euro Zone

更新时间:2016-07-05

It has been eight years since the outbreak of the European debt crisis.The economic aggregate in the Euro zone has now recovered to its pre-crisis level.However,fundamental problems revealed by the crisis,in particular the expanding differences of competitiveness and levels of development among member states,have been left unresolved and have disrupted the Euro.This in turn challenges EU politics,economy,security and international status.At present,the EU has realized the importance and urgency of this issue and has begun to set about completing the Economic and Monetary Union so as to pave the way for the single currency.However,on the whole,EU policy reform is still restricted by many factors,and some uncertainties exist in the development of the Euro zone in the future.

Economic Disparity in the EuroArea and Its Influence

Economic problems in the Euro zone,characteristic of the debt crisis in Europe,display many factors.However,the problem comes down to the expansion of economic disparity in the Euro zone.Widening differences in competitiveness lead to unbalanced development among member states,with the crux of the problem being a debt crisis induced by unsustainable borrowing by certain countries.Following the crisis,the solution has been confined to debt and financial problems.However,this has actually resulted in expanding disparity.

同理,在信息化,全球化发展的今天,只要制度体制改革到位,就能极大地缩短中国科学技术与世界先进水平的差距,极大地缩小产业发展与世界先进水平的差距。中国科学技术发展和产业发展的历史已经证明了这一点,中国科学技术和产业的进一步发展更能证明这一点。进行原始创新型人力资本的制度建设,是关键的一步。

The issue of economic disparity among member states existed before the foundation of the Euro zone.With the development of the Euro,disparity gradually widened and became more prominent after the debt crisis.Before the Euro came into existence,per capita GDP among periphery countries such as Greece,Spain and Portugal tended toward the average level of the Euro zone,though disparity remained quite obvious only with Italy slightly above the Euro zone level.Although per capita income among periphery countries showed an increasing trend after the Euro came into existence,it still did not meet the average level of the Euro zone.However,according to statistics from 2009 when the European debt crisis broke out,Greece and Spain were approaching the average level at a slow pace while Italy turned from a rich country to a poor country.The disparity between Portugal’s per capita income and the Euro zone average was also enlarging.The influence of the European debt crisis is mainly restricted to the southern European states.Diachronically,compared with the swift development of core countries,per capita income of periphery countries has come to a standstill or,in some cases,has even gone into retreat.It can be seen that in 2016 core countries almost recovered to levels prior to those of the 2008 economic crisis.The per capita income of Greece,Spain,Italy and Portugal in 2016 were 57.8%,80%,87.5%and 57.1%of the Euro zone average,indicating that the existence of the Euro,namely the European debt crisis,increasingly widens economic disparity in the Euro zone(see table 1).The above empirical analysis shows that the imbalance of macroeconomic development is an Achilles heel and the root of various economic problems in the Euro zone.1“The Euro Zone Debt Crisis-Causes and Crisis Response,”accessed August 1,2017,https://economics.rabobank.com/publications/2015/december/the-eurozone-debt-crisis-causes-and-crisis-response/#generate_pdf_popup.

Table 1:The ratio of per capita GDP in the Euro zone and selected member states from 1998 to 2016(based on Euro zone averages in 1998)2

2“GDP Per Capita in PPS,”accessed July 17,2017,https://ec.europa.eu/eurostat/tgm/table.do?tab=table&init=1&plugin=1&pcode=tec00114&language=en.

The disruptive effect of expanding disparity in the Euro zone economy is that it gradually shifts the imbalance of competitiveness within the Euro zone toward an internal trade imbalance and then toward an imbalance of debt.When the Euro was launched,mainstream economists believed that the common currency would inevitably reduce financing and trade costs and enhance convenience for economic entities throughout the Euro zone,and that it would maximize economic growth in the absence of exchange rate fluctuations thathad previously stalled production,stimulating common economic development in the Euro zone with the positive effect of the single currency.However,the consequence is far from the original expectation.1Madeleine O.Hosli,trans.,Pan Wen and Shi Jian,The Euro:A Concise Introduction to European Monetary Integration(Chongqing:Chongqing University Press,2011),2-3.

图4(a), 4(b)分别给出了30°压缩拐角(模型3)在I, II线上的计算压力和实验结果的分布对比. 在平板干扰区内, 计算和实验也符合较好, 数值计算的分离范围略小于实验结果. 在楔面上, 计算压力与实验值的大小比较接近, 但是峰值位置有一定的差距. 虽然30°压缩拐角模型网格量要远大于20°压缩拐角模型(见表1), 但是计算精度没有得到提高.

Firstly,the Euro system has brought about widening disparity in competitiveness between core countries and periphery countries,thus forming a manufacturer-consumer relationship among states and driving periphery countries toward long-term account deficits and shortfalls.

In terms of exchange rates,the value of the single Euro currency reflects the average level of member states’competitiveness and their original currencies.Currency value of core countries is underestimated while that of periphery countries is overestimated.Before the European debt crisis,the Euro happened to be very strong globally in terms of international status and competitiveness.As a result,the international trade of periphery countries in and outside of the Euro zone is influenced by the rise of currency value,while core countries enjoy the advantage of interest rates.Wolfgang Schäuble,former Federal Minister of Finance,admits that the Euro exchange rate is too low in contrast with German export competitiveness.2Schäuble Blames ECB for Euro that is‘too low’for Germany.accessed August 1,2017,https://www.ft.com/content/d2384ec6-eb89-11e6-930f-061b01e23655.Meanwhile,differences in labor cost policies have further widened trade differences among member states.After joining the Euro,Germany adopted a domestic policy to restrain growth in wages,reigning in income and inflation rates for its citizens.On the contrary,periphery countries generally raised their social welfare and wage costs in ways that undermined their international competitiveness.In addition,welfare and wages exacerbate inflation,while devaluation of the exchange rate and limitations on right to issue currency prevent these countries from amending the problem by devaluing currency.The direct result of the problem is that core countries in the Euro zone,such as Germany,produce more with less consumption,while southern European states produce less with more consumption.The imbalance between production and consumption caused by expanding disparity is clearly reflected in the current account.In 2002,the imbalance rates of Germany,Greece,Spain,Italy and Portugal were 1.9%,-6.8%,-3.7%,-0.3%and-8.5%respectively.In 2007,the rates of the above countries were 6.7%,-15.1%,-9.6%,-1.4%and-9.7%respectively.Then,in 2016,the rates were 8.3%,2%,-0.6%2.6%and 0.8%.Thus,the introduction of the Euro significantly widens the trade surplus of core countries such as Germany over periphery countries,while fiscal restraints after the European debt crisis ease the current account deficit of southern European states.However,Germany's current account surplus is still rising.1“Balance of Payments,Current Account,Quarterly Data,”accessed August 1,2017,https://ec.europa.eu/eurostat/tgm/table.do?tab=table&init=1&plugin=1&pcode=teibp050&language=en.

Secondly,the expansion ofdisparity between production and consumption converts to huge debts among periphery countries and results in imbalance.

After joining the Euro zone,since government debt is measured by the Euro which increases in value with better prospects,the cost of the government to take on debt is greatly reduced.For example,yields for Italian 10-year treasury bonds dropped by 96.39%from December 1998 to January 1999.Spanish 10-year treasury bonds saw their yields fall from 12.28%in March 1995 to 3.85%in January 1999.Yields for German 10-year treasury bonds dropped from 7.188%in March 1995 to 3.63%in January 1999.French treasury bond yields declined from 7.9%in March 1995 to 3.71%in January 1999.The above statistics indicate that there are huge differences in financing benefits when member states abandon their local currency.After that,with the vibrant development of the Euro and the average credit enhanced by core countries,as shown in Table 2,treasury bond yields among peripheral countries including Greece and that of core countries remained constant from January 2000 to January 2009.The current-account disparity caused by the expanding disparity of competitiveness due to convenient debt and credit is converted to the large debt of periphery countries in two ways.On the one hand,periphery countries increase welfare expenditures.Long-term current-accountdeficit,increased consumption,and low-interestloans consolidates the status of consumer markets.On the other hand,under the impetus of Euro zone integration and single market,current-account surplus originating from periphery countries cycles back to periphery countries by the means of consumption which snowballs public debt in periphery countries.1“The Euro Zone Debt Crisis-Causes and Crisis Response.” Before 2009,public debt in periphery countries as well as core countries remained the same.The overall economy of the Euro zone prior to 2009 was expanding,and comparatively high interest ratios in the GDP of periphery countries could be borne by their governments,but the gap between the debt ratio of periphery countries and the average level in the Euro zone was far from narrowing.After the outbreak of the European debt crisis,due to economic differentiation of the Euro zone,the debt and real financial situation among periphery countries became evident.Financing was unsustainable,pointing up the debt crisis and leading to the rise of the debt ratio.

Table 2:10-year treasury bond yields of the main Euro zone countries from January 1,1999 to January 1,2016.2

210-year treasury bond yield of the main countries in the euro area from January 1,1999 to January 1,2016,accessedAugust 17,2017,https://cn.investing.com/rates-bonds/world-government-bonds.

As for the Euro zone,economic crisis was brought about by development disparity combined with the Euro system spreading to other fields and causing multiple crises in the EU.In the political area,the debt crisis has caused the European people,especially those in periphery countries,to question the progress of European integration,as well as the capability and legitimacy of the EU.Dissatisfaction with reductions in welfare and public expenditure is directed at member state governments as well as the Euro zone and the EU.In Italy,many people believe that the introduction of the Euro is the source of ever-worsening life,that the Euro and its system is not fair to Italy.1Francesco Grillo,“Italy’s Rage Against Europe is Not Justified,”accessed September 20,2017,https://www.theguardian.com/commentisfree/2013/dec/18/italy-rage-against-europe-not-justified-eu-euro.The Coalition of the Radical Left in Greece even launched a referendum against the EU’s third round of rescue terms after taking power in 2015,which reflects its dissatisfaction with the Euro and negative effects of the EU’s measures.Britain,rejecting the Fiscal Compact and voting to exit the EU,indicate that British people think the Euro zone has become a drag on them.2Joseph Stiglitz,“The Problem with Europe is the Euro,”accessed September 20,2017,https://www.theguardian.com/business/2016/aug/10/joseph-stiglitz-the-problem-with-europe-is-the-euro.In the security area,the rise of European radicalization and the frequent terrorist attacks are caused by high unemployment due to economic recession,income disparity and inter-generational differentiation which intensifies dissatisfaction of hopeless people,especially Muslims and young people,with the EU.As a result,they resort to violence.As for EU’s international status,the rising trend of the EU before the debt crisis was reversed.The share of Euro in international reserves,international settlement and international trade dropped sharply from the pre-crisis level.With weakened voting rights in the IMF,reduced proportion of drawing rights and representation in the currency basket,the Euro crisis has undermined the Euro’s status.Moreover,prior to the crisis,by means of its economic strength,so-called democracy and welfare society,the EU had a clear diplomatic orientation.Its intervention and guidance in developing countries,especially in Eastern Europe,the Middle East and NorthAfrica were based on a very high moral standard,so that the attractiveness of being integrated into the EU was also an important means to propagate its policies in neighboring countries.Since the outbreak of the debt crisis,the EU’s decline saw its value,development mode and prospects for new members less attractive than before.Its status in the world and its policies toward neighboring countries have to retreat and face reality.Its influence on democracy of developing countries and Human Rights is not as strong as before.Therefore,a series of crises induced by the fundamental flaws in the Euro zone is gradually eroding the strength of the EU.Ongoing problems will confront the EU with more crises,and even threaten its existence.

(2)重镁水浓度对的结晶度和表面光洁度有影响,浓度越低,结晶度越高,表面越光滑。搅拌速率对的组成和形貌无显著影响,但影响晶体的产率,适宜的搅拌速率为500 r/min。

Before to the existence of the Euro,European political leaders did not fail to realize that economic convergence was the prerequisite of the launch of the Euro zone.Nevertheless,the Euro was still issued ahead of schedule mainly as a move to unify East and West Germany,to seek independence from the dollar,and to face the challenge ofglobalization and multipolarization.Political concerns outweighed economic concerns,thus bringing the Euro into being in spite of problems.1Madeleine O.Hosli,The Euro,trans.Pan Wen,Shi Jian(Chongqing University Press,2011),2-3.

Before the crisis,the main measurement of economic convergence in the Euro zone was economic data.Since rates of growth and inflation,as well as the ratio fiscal deficit,have not strayed far from Euro zone averages,officials see no need to seriously address the issue of economic imbalance.On the one hand,the mainstream idea prior to the crisis was that the existing disparity in the Euro zone could be solved by expansion of the Euro zone,economic stimulus of the Euro bonus and further development of Economic Monetary Union without making initiative plans to deal with the disparity.On the other hand,all Euro zone member states gained their expected benefits.Core countries expanded markets for their products,loan destinations,and enjoyed low interest rate in contrast with competitiveness.Meanwhile,periphery countries had opportunities to obtain low interest loans and expand consumption.However,the outbreak of the European debt crisis proves that the benefits of the Euro system are incapable of leveling the disparity of development.Instead,the expansion of disparity leads to the imbalance between production and consumption as well as debt imbalance in the Euro zone.The crisis was an inevitable result.

After the European debt crisis,EU’s measures saved the Euro and revitalized the economy,but did not touch upon the core issue of disparity.Following the crisis,financial means such as the European Stability Mechanism were established and multi-round financial aid was offered to PIIGS(Portugal,Italy,Ireland,Greece,Spain).Meanwhile,the recipient countries were required to reform their employment markets,reduce fiscal expenditures,privatize public enterprises and increase tax revenue so as to ensure fiscal surplus to repay the financial aid.The European Semester was established in 2010 to supervise budgets and economic policies in the EU.The Fiscal Compact was passed to set requirements on the contracting parties.All the above measures are financial subsidy without differentiation,albeit in the direction of managing the financial imbalance.For instance,the fiscal deficit ratio among PIIGS recovered at different levels from 2012-2016 without solving the disparity of economic development.Instead,the disparity tended to widen,as is obviously reflected in per capita income shown in table 1.After the crisis,the EU tried to narrow the disparity of periphery countries by making periphery countries keeping up with core countries.However,these measures did not aim at the development disparity of periphery countries,but rather widened the economic gap between periphery countries and core countries.As a result,the economy deteriorated,which in turn undermined the financial performance of periphery countries.In general,during an economic recession,government should lead a country out of recession by increasing investment,stimulating demand and deflation.During the recession,heavily-indebted countries fell into recession due to debts,while the EU tried to solve the disparity by lending money to them to maintain their solvency and by requiring further fiscal austerity.As a result,a more serious recession was caused following the crisis.In fact,from the perspective of development economics,if a country wants develop its economy,it should have lower labor costs than that of rich countries,increase capital investment,and attract technological investment to achieve great development.However,the EU does not focus on development elements when addressing economic disparity in the Euro zone.Instead,it manages the disparity by setting up binding rules based on the general level of the Euro zone.As a result,the gap between the actual development and competitiveness of periphery countries and those of core countries is much greater.EU’s convergence on the policy of promoting fields such as social welfare makes periphery countries conform to the social policies of core countries,even though economic development and financial performance cannot make ends meet in ways that transform economic disparity into issues of mechanism.But if system construction in the Euro zone can keep pace effectively in preventing financial risks and gradually move toward unified finance,moderate transfer payment will solve most problems of imbalanced economic development in the region and lead toward overall convergence.

Thirdly,economic disparity is not addressed by EU economic guidelines or countermeasures following the crisis.This leads to imbalance between consumption and debt,as well as widening disparity.

Reform on Economic Disparity

A.Strengthening the function of the European semester

I.Creating financial uniioonn

Financial union aims to establish a mechanism to prevent financial crisis and enhance financing facilitation at the Euro level so as to even out the disparity of financing capacity among member states while stabilizing economic marks which include three main measures.

A.Promoting financing in the Euro zone

The EU proposed the construction of capital market unions including the development of financial institutions besides banks,strengthening securities,venture capital,corporate debt financing means,reducing financing barriers of transnational mutual investment,establishing a unified financial regulatory framework and gradually setting up a single financial regulator with the aim to establish a genuinely integrated free financial market.In fact,the Capital Markets Union is a deepening and improving mechanism for unrestricted capital flow in the single market of Europe.

B.Establishing financial prevention and control mechanisms in the Euro zone

The EU measures include unified banking prudential supervision measures,strengthening market rules,implementing macro measures to dealwith and preventnon-performing loans,clarifying objectives,schedule and supervision mechanisms of non-performing loans,especially with the purpose of setting up the Single Resolution Fund(SRF)and the European Deposit Insurance Scheme(EDIS)in 2019 and the start of operation in 2025,so as to adopt the mechanism of risk control and prevention at EU levels instead of leaving member states to deal with the insolvency of banks.

随着我国生活水平和医疗水平的提高,老年人的平均寿命不断延长,相对的老年人的可劳动年龄也不断延长。老年人丰富的劳动经验和较于年轻人更敬业的劳动精神是其具有的最核心的竞争力。创造有利于老年人力资源开发的政策环境,充分开发老年人力资源,大力开展老年教育,不断更新老年人的知识,鼓励活到老学到老,使老年人适应新科技的不断创新,从而为其创造参与社会劳动的有利条件。并且在老龄人工作经验和技能指导优势的工作领域上,适当延长老龄人的退休年龄增加劳动力的供给,充分发挥利用老年劳动力资源,弥补我国劳动力数量的减少所带来的劣势。

The disparity of financing costs in the Euro zone will affect the scale and intensity of investment,thus having an impact on economic development.But financing costs are higher among periphery countries in need of investment,which is not beneficial to the expansion of investment.Therefore,the Euro zone as the subject of debt financing needs to bridge the gap of financing capability.During the crisis,some European politicians and scholars proposed joint bonds in the Euro zone,but saw little progress.1Jean-Claude Juncker and Giulio Tremonti,“E-bonds would End the Crisis,”accessed June 19,2017,http://www.ft.com/cms/s/0/540d41c2-009f-11e0-aa29-00144feab49a.html?ft_site=falcon&desktop=true#axzz4tCr15clT.Common investment bonds in the reflection paper seek two steps rather than one.In the short term,Europe tries to issue sovereign bond-backed securities(SBBS)encouraging financial entities,the owners treasury bonds,to issue securities with government bonds as collateral,allowing enterprises to issue securities by packaging different national bonds into mortgage assets so as to the level of risk the market would accept and thus its participation in the cost of financing.Meanwhile the measure aims to meet the diversified needs of banking financial assets and improve the ability to resist risks,especially the risk of a sovereign default during a move away from over-reliance on government bonds.In the long term,the Euro zone considers issuing European safe asset after 2019 with the Euro zone as the issuing entity and with the credit of the Euro zone as the guarantee to issue government debt so as to establish an investment and financial tool similar to the American Treasury with the purpose of meeting the adjustment of the monetary policy,diversification of bank assets,narrowing the disparity of debt and credit.Another important goal is to help all the member states decentralize risks and share profits,to help solve the disparity of financing costs and the integration of financial markets.It is beneficial to guarantee feasibility of the plan in political and economic areas that the markets gradually accept the risk decentralization and profit sharing.There are two functions of government debt in narrowing economic disparity.On the one hand,it will lower debt costs among periphery countries in the future,so that the yield rate in the Euro zone will be lower than that of average level of member states’government debt.Hopefully it will reach the level of US government debt with a higher mobility and credibility than that of its member’s public debt.It is beneficial to even out financing costs of member states by issuing debt in the Euro zone.Debt-serving costs of heavy-debt countries are beneficial to finance.1“Reflection Paper on the Deepening of the Economic and Monetary Union,”accessed June 19,2017,https://ec.europa.eu/commission/sites/beta-political/files/reflection-paper-emu_en_2.pdf.On the other hand,it will increase the economic mobility of the debt in Europe.Debt in the Euro zone will develop into a size effect.The economic volume and capacity for decentralizing risk will become a high-mobility asset in contrast with the debts of member states,thus readily to be held by financial institutions.In addition,debt issued by the Euro zone will increase demand in international capital market for the Euro,so that financing enjoys seigniorage dividends.

In fact,the essence of financial support is to enhance the financial capacity of governments in the Euro zone by the means of fiscal financing capacity and credit levels of core countries and to establish a financial safety net by increasing the risk resistance capacity of weak countries with the help of strong countries.Therefore,the overall financing mechanism is that core countries subsidize the financing capacity of periphery countries.Although core countries do not offer direct subsidies to periphery countries,they undertake higher financing costs and provide guarantees,which in essence is fiscal subsidy.The development promoted by the financing capacity will help periphery countries converge with core countries in economy.However,if joint bonds lack related supervising mechanism ormeasuresto stimulatestructuralreforms,they will contribute to uncontrolled egalitarianism.As a resultthe fiscal responsibility of core countries will outweigh affordability.Therefore reforms in the Economic and Monetary Union also require related measures of supervision.

II.Economic and financial supporrtt

第一,通过微课创设情境解决教学难点.微课的实际运用过程中,以创设情境的方式来激发学生学习兴趣和积极性,促使学生主动参与到数学知识的学习环境当中去.教师在应用微课前要对学生的心理能准确把握,加强和学生的沟通交流,针对性的应对,通过微课来解决学生学习数学知识当中的难点以及重点.

肺炎球菌分很多种亚型,7价就是指7个亚型,各地区各季节流行的菌种不同,疫苗选中的亚型能覆盖60~90%的肺炎球菌,对于未选中的亚型是没有预防能力的。

The Economic and Monetary Union should seek convergence of development.But in reality,countries experience different development.It is impractical to adopt a uniform policy by forcing all member states to implement it.Only by adopting different policies based on different countries can balanced development in the EU is achieved.Therefore,the EU proposes to coordinate and guide economic and financial policies of different countries to bring together the economic and social development of different countries.

Since the debt crisis,in order to help the Euro zone out of crisis,it either aims to prevent the recurrence of debt crisis,or stimulate the EU economy,but does not touch upon economic imbalance in the Euro zone.Thus,disparity in the Euro zone is difficult to reverse.Although the crisis is gradually easing,the risk is still there.Without improving the basis of the Economic Monetary Union,the root of the economic crisis will not be eradicated and the same problem is likely to repeat itself.However,the economic issue in the Euro zone has become a direct cause of Euro’s multiple crises,threatening the EU’s existence and making it realize the urgency to reform the disparity.Therefore,the EU needsto be sober-minded.In May 2015,the EU issued Completing Europe’s Economic and Monetary Union,proposing that the Economic Monetary Union should offer four main supports:economic union,financial union,fiscal union,democratic accountability,legitimacy and institutional strengthening.1“Completing Europe’s Economic and Monetary Union,”accessed June 19,2017,https://ec.europa.eu/commission/sites/beta-political/files/5-presidents-report_en.pdf.In May 2017,the EU issued another report,Reflection Paper on the Deepening of the Economic and Monetary Union,combining the fiscal union and economic union into economic and financial union.The EU has detailed the objectives,steps,and solutions for the Economic Monetary Union in the future.The European Commission stated“But the Euro zone does not need only firefighters.It also needs builders and long-term architects”,EU leaders committed to“working towards completing the Economic and Monetary Union”.1“Reflection Paper on the Deepening of the Economic and Monetary Union,”accessed June 19,2017,https://ec.europa.eu/commission/sites/beta-political/files/reflection-paper-emu_en_2.pdf.From the contents of the documents,the EU is quite clear about the future blueprint for the Euro zone.

In 2010,the EU launched the European semester as a mechanism intended to strengthen its supervision of economic and financial policies of its member states.Unfortunately,member states did not implement them with much effort.As a result,the mechanism did not produce expected effects.Thus,in 2019,the European Commission will take the following measures:strengthening cooperation and communication between theEuropean Commission and its member states’parliament,social organizations and National Productivity Boards aiming to win support from all circles,making policies by comprehensively considering the Euro zone as a whole and its member states as individuals,combining European semester and plans for structural reforms among all member states so that the country’s policy could reflect the supervision requirements of the EU.

三组被试的自尊水平差异不显著,是本研究采用的整群随机分组方式造成的。 本研究的被试同为医学影像专业,在入学时他们被随机分到10个班级中,在确定被试接受何种实验处理时,研究者以班级为单位,随机将这10个班级分配到三个实验处理小组,这种整群随机分组的方式确保了被试相关特性在三个小组中的均匀分布。

B.Detailing the standards of economic convergence

In the past,the EU mainly paid attention to growth rates,unemployment rates,inflation rates,financial deficits and public debt.However,the development convergence of economy and society is more reflected in social governance,rising income and cyclical economic convergence.Therefore,the European Commission will include effectiveness of public expenditure,funding for training and education,competitiveness and vitality of labor and commodity markets,distribution systems for tax and income,all of which show that more features of social governance and wealth distribution will be included in economic convergence supervision.

C.Connecting structural reform with EU financial aid

科学技术的飞速发展使移动短视频平台更加方便地融入到了大众的生活之中,降低了内容生产的门槛,增加了用户对短视频平台的使用率,使用户可以随时随地分享生活,让更多的消费者有选择的空间。

The EU’s development aids such as European Structural and Investment Funds(ESI)tend to favor reform oriented funds,which means ESIs are scaled according to implementation effects of the European semester.ESIs will offer more funding to countries in the Euro zone,while the EU establishes development assistance funding to encourage reforms.This reflects that the EU realizes that Germany and EU institutions have not seen expected results of structural reform among periphery countries.Therefore it tries to stimulate reform of periphery countries with more financial encouragement.

2.内容的相似性。许多优秀的流行音乐作品在主题、体裁、旋律、结构、节奏上与教材中的古典音乐或者民族音乐有许多相似的地方,教师可以利用这些相似点,将合适的流行音乐引入课堂,帮助学生更好地学习和鉴赏音乐。

式中,n和ndes分别为Freundlich模型拟合的吸附和解吸过程中的吸附常数值。其中,若HI>1,则土壤中的Cd发生了负迟滞现象(Cd易从土壤中解吸出来);若HI<1,则存在正迟滞现象(Cd不易从土壤中解吸出来);若HI=1,则不存在迟滞解吸现象[12]。

This measure is a kind of economic support mechanism conceived in the Euro zone.It means that in accordance with certain policies,the Euro zone offers financial support to member states that suffer the economic downsides of risk in employment,public investment and other areas,so that member state economies will not suffer sudden drops due to cuts in fiscal spending.The source of funding includes the use of the European Stability Mechanism(ESM)and the establishment of special funds from partial VAT funds of member states and corporate taxation.At present,the Euro zone has designed threeoptionsfortheEuropean Stability Mechanism.The first is European investment protection provisions.During an economic downturn,it will provide funding for the development of infrastructure,skills training and other public expenditures,to prevent these projects from being affected by fiscal retrenchment.The second is the European Unemployment Benefit Scheme which is an insurance system that offers aid to member states.The third is a Rainy Day Fund which provides conditional financial aid to countries affected by an economic downturn,with corresponding mechanisms for raising money through marketplace lending.1“Reflection Paper on the Deepening of the Economic and Monetary Union,”accessed June 19,2017,https://ec.europa.eu/commission/sites/beta-political/files/reflection-paper-emu_en_2.pdf.

“我们这个养老服务中心是在村里托老站基础上建设起来的,三层楼建筑面积2100余平方米,门口是社区大广场,连体楼还办了社区幼儿园。”张振美介绍,养老服务中心内设有标准间、集体间,配备专业护理床位80张,不仅配备餐厅、洗浴间、医务室、更有舞蹈室、健身房、书法室、乒乓球室、图书阅览室、康复理疗室等,甚至还有一个可容纳百人的多功能大会议室,用于举办老年健康课堂之类的讲座和娱乐活动。

The above measures will support financial subsidies.If financial subsidies are not implemented alongside reform of economic structure,their effects will be greatly undermined.However,the mode of reduction and reform proposed by core countries brings a great shock to the economies of periphery countries when the foundation of public demand slow down economic growth and enlarges the risk of economic disparity.The EU adopts a mechanism of financial subsidies and macroeconomic stability as a plan to ease the great shock from reform and great crisis so as to make up for the deficiency of anti-crisis public finance,while also encouraging periphery countries to make reforms, enhancing competitiveness in ways helpful toward solving essential disparity of the economy,which is disparity of competitiveness.

社会机体的自身复杂性以及内外环境、主客观因素的影响,社会危机的发生与存在是必然的。问题的关键在于如何防止危机尽可能少的发生,以及危机发生后如何有效化解,使人民生产与生活安定,社会有序运行。老子不愧为医治社会疾病的良医,将自然、社会、人类贯通成一个整体,开出了一系列危机预防与化解的良方。

III.Perfecting economic and financial supportt

6.坚持继承创新。实践发展催生新的要求,党内政治生活在继承原有优良传统和做法的前提下,也需要紧跟时代步伐,适应新情况,不断从内容、形式、载体、方法、手段等方面进行改进和创新,以利于提高党内政治生活的吸引力和感染力。习近平同志指出:“要继承创新……善于以新的经验指导新的实践。”[2]

There are the following defects of economic management in the Euro zone.

A.The management is characteristic of inter-government decisions without independence.According to the Euro group's aid in the debt crisis,great powers make the vital decisions.European stability mechanism is the plan of compromise among the governments.

Mechanism support will contribute to economic decisions in the Euro zone,which will take into account relations among finance,budget,policies of competitiveness and international currency policy,enhance decision-making efficiency in the Euro zone and the execution of member states in order to make prompt response in risk prevention and to boost the economy in the Euro zone,so that the obtained economic benefits of periphery countries will help them approach the Euro zone levels.

C.The main function of EU and the Euro zone is to prevent,manage,and solve crises of banks and sovereign debt without the function of promoting economic convergence which is mainly reflected by the terms of fiscal retrenchment,and structural reform proposed to recipient countries by European stability mechanism as well as the fiscal and economic measures of the European Semester,while influence on economic policies of different countries is limited.

C.Devising co-financing means

D.Discourse power of international currency is diverse which makes it difficult for the Euro to obtain corresponding status.

D.Establishing the steadiness of macro economy

In order to deal with the above deficiencies,democratic responsibilities as well as legitimacy and institutional strengthening proposed by the report are the main objective of mechanism construction in the Euro zone in the future,and serves as an important means to strengthen economic rights as well as legitimacy of policies.There are mainly four strategies.1“Reflection Paper on the Deepening of the Economic and Monetary Union.”The first of these is strengthening institutional rights.The cooperative mechanism in the EU consists of European Union Law(various EU treaties),intergovernmental cooperation mechanisms and EU institutional mechanisms,etc.In the future,the Euro zone will make intergovernmental agreement as EU law so as to improve its binding and executive power to member states.Second:regulating the governance authority of EU institutions towards the Euro zone.The functions of the Economic and Monetary Union of the European Commission will be stripped and combined with the Euro group which will be transformed into the euro area economic governance commission.A full-time president of the Euro group will be designated,whose power will be combined with that of the committee members of the Economic and Monetary Union in the charge of European Commission in order to strengthen the decision-making power of the Euro group and the European Parliament while the non-Euro countries only have the right to be informed.Third:establishing the common Euro zone Treasury.The Euro zone Treasury will be a central hub for economic and financial supervision and policy implementation.The current economic management functions of the Euro zone will be combined with the Treasury,with its minister holding a concurrent post as president of the Euro group.In addition,the Euro zone Treasury will also include the basic functions of economic management fulfilled by member states’treasuries.The functions will include:fully implementing the functions of supervising the Euro zone and member states;managing macroeconomic stability functions entailing financial support offered to member states with the Euro zone budget;managing the European Monetary Fund(EMF)to replace the European Stability Mechanism(ESM)which will be built into the real financial network in the Euro zone in the future,providing member states with emergency liquidity assistance and working as lender of last resort of the banking union.Its decision-making and implementation will transform from intergovernmental cooperation to an eternal management system under the management of the Euro zone Treasury.In addition to functioning as an institutional mechanism,the Euro zone Treasury will also be in charge of financial aid,budgetary support,and terms of managing European securities so as to enhance the market credibility of related mechanisms.Fourth:promoting the international status of the Euro zone.The Euro zone will combine member states’seat in the IMF into only one seat thereby also combining its voting rights.Prior to 2019,the EU will urge member states to achieve this goal in 2025 by the related resolution of the European Commission so as to win monetary dividends for the Euro zone economic convergence by maintaining and consolidating the influence of the Euro as an international currency.1“Reflection Paper on the Deepening of the Economic and Monetary Union.”

B.The division of the EU and the Euro zone in economic management is not clear,lacking management mechanism at the Euro zone level.

Prospect of the Reform

As can be seen from the above,the main purpose of the reform plan of the Economic and Monetary Union proposed by the European Commission is to solve economic disparity in the Euro zone,to increase the pace of fiscal integration,and to make up the foundation deficiency of economic union in the Economic and Monetary Union,while effectively preventing economic crisis.However,from the perspective of political and economic situations in Europe,it is not an easy task to solve economic disparity through a series of plans in the report among which many uncertain factors exist.The reform process may be quite slow or even stagnant.

II..DDiissppaarriittyy ccaannnnoott bbee rraaddiiccaallllyy ccuurreedd iinn tthhee sshhoorrtt tteerrmm

Due to differences in resources,industrial structure and social culture among member states,long-term contractual relations and the system of production and consumption cannot be transformed by measures for integration in the Euro zone in the short term.The development mode of less developed countries cannot totally converge with that of developed countries,nor could heavily indebted countries reduce their deficit and debt to the level of core countries.In addition,narrowing economic disparity also requires full flow of commodities,services,capital,and personnel.With the establishment of a single market system,current commodities and services have occupied the market of periphery countries,while unemployed people in periphery countries do not move to areas in need of labor,nor does capital move to the areas of weak economy due to the barriers of languages,social culture,and professional skill certification.All these problems are not just the result of disparity of industrial structure and competitiveness.They are the result of differences in social culture and legal systems.This also calls for further development of integrity in social areas,a much more difficult aspect to achieve integrally than economic community and political cooperation.It will be a long and difficult process to reduce economic disparity.

II. The reform in the euro area may exacerbate the internal division of EU

At the initial stage of the Euro zone,member states saw huge opportunities for economic stability and increase brought about by the Euro dividend.Thus the tendency of political integration and the international status of the EU have been strengthened.However,the debt crisis also made people see the disruptive effects of the Euro,which to some extent surpasses people’s positive response to the Euro.The actual effects and feeling brought to member states by the Euro before and after the crisis are greatly different.Before the crisis,core countries received great interest rate dividends,market dividends,and financing bonuses,while during the economic recession after the crisis,the extent of damage was less and recovery speed was better among core countries than periphery countries.But during the process of offering aid,market dividends decreased while financial burden increased.Periphery countries are in deep recession,with shrinking public welfare,which makes member states unsatisfied with the Euro system,full of hostility and distrust among member states.In addition,the conflict between the Euro zone and non-Euro area is also increasing.To some extent,Brexit reflects Britain’s dissatisfaction with the EU’s crisis measures and fiscal financial stability mechanisms.After Brexit,the Euro zone clique tends to exert more pressure on non-Euro area countries.The Euro zone will account for about two-thirds of EU member states and 85%of GDP in the future.The decision-making of the Euro zone will be more independent of the existing EU governance mechanism,which makes the Euro zone become the real core area.This trend will prompt non-Euro area countries to make decisions before joining the Euro zone or face marginalization in ways that are likely to escalate non-Euro countries’doubts about the EU,and result in intensified conflict between two sides.From the perspective of political and economic turmoil of Brexit,non-Euro area countries will realize that exiting from the EU will make them pay a heavy price,so that they will be less likely to exit the EU.However,they will still remain to be unstable factors in integration.They are increasingly dissatisfied when integration policy dividends favor the Euro zone.Different demands of different countries will make it impossible for integration to develop in one direction,which makes integration either advance or draw back.

III. Continuity of the reform impetus in the Euro zone remainsuncertain

A.There is doubt about the sustainability of the political will of France and Germany.

France and Germany as the dual core of European integration,play a key role in reform of the Euro zone.The victory of Emmanuel Macron in the French general election to some extent helps to curb populism's rising momentum and also re-energizes European integration with Germany and France as the core.However,the stability of the Macron administration mainly depends on the effects of its domestic reforms.If his reforms fail to bring the promised changes to France,it is possible that voters who are disappointed with traditional politics will choose Jean-Marie Le Pen as president.1Timothy Garton Ash,“The French Presidency Goes to Macron.But It’s Only a Reprieve,”accessed September 19,2017,https://www.theguardian.com/commentisfree/2017/may/07/french-presidency-macron-reprieve-france-eu. Meanwhile,although Angela Dorothea Merkel,Wolfgang Schäuble and other German politicians are not opposed to the reform advocated by Emmanuel Macron in principle,the degree to which Germany would be willing to hand over fiscal power and shoulder the responsibility of subsidizing periphery countries'finance,budget,and financial credit still depends on whether the German government can break through traditional constraints of domestic political and fiscal surpluses.At present,the real willingness of Germany to continue its efforts is still very limited.The increasing power of the far-right and right-wing parties after the German general election in 2017 will face Germany’s government with more resistance in Euro integration.It remains to be seen how far the reforms will be supported.1“2017 German Election Result and Impact on the Pound/Euro”accessed on September 28,2017,http://www.telegraph.co.uk/financial-services/currency-ex-change/international-money-transfers/german-election-euro/.

B.At present,the handing over of sovereignty in Europe lacks political foundation.

European populism still has a strong influence.Under the current situation of political fragmentation and populist movements,the handing over of sovereignty in regards to fiscal,budget and economic policies not only touches the deep-water zone of EU integration.Moreover,people's trust in the EU,and their support for EU integration,has declined sharply compared with that before the debt crisis,making it increasingly difficult to deepen reform.

C.The direction of EU integration is still unclear.

The five development options for integration in the future,proposed by the European Commission at the beginning of the year,are still inconclusive.Although Germany and France basically agree to move toward Multi-Speed Europe,it is still being discussed.The State of the Union 2017 issued by the European Commission proposes a sixth plan for European integration—establishing a united,democratic and mighty EU.To cater to the sentiments of Central and Eastern European countries as well as Southern European countries,tentative plans of small groups on certain topics were put aside.2In the future,long-term discussions are

2“President Jean-Claude Juncker’s State of the Union Address 2017,”accessed September 19,2017,http://europa.eu/rapid/press-release_SPEECH-17-3165_en.htm.needed to promote Multi-Speed Europe or implement the sixth plan.The general direction of European integration will determine whether it is feasible for like-minded member states to cooperate as a group or even hand over sovereignty in specific fields.This is also the mode of cooperation adopted in reform of the Euro zone.Therefore,the current reform of the Euro zone still awaits the determination of integration direction.

In general,the EU is willing to work hard to remedy problems in the Euro zone,and has set out to narrow the economic gap.It is expected to enhance the stability of the Euro zone to a certain extent.There is a rule about European integration.When it encounters challenges,it often exhibits sufficient toughness and overcomes the difficulties;but when people feel that the quickening pace of integration,they become disappointed.As for the reform in the Euro zone,we should also see its shortcomings while affirming its positive effects.Rome was not built in a day.It will be a long-term arduous task before the EU becomes a real single currency zone.

Dong Yifan,Wang Shuo
《Contemporary International Relations》2018年第1期文献

服务严谨可靠 7×14小时在线支持 支持宝特邀商家 不满意退款

本站非杂志社官网,上千家国家级期刊、省级期刊、北大核心、南大核心、专业的职称论文发表网站。
职称论文发表、杂志论文发表、期刊征稿、期刊投稿,论文发表指导正规机构。是您首选最可靠,最快速的期刊论文发表网站。
免责声明:本网站部分资源、信息来源于网络,完全免费共享,仅供学习和研究使用,版权和著作权归原作者所有
如有不愿意被转载的情况,请通知我们删除已转载的信息 粤ICP备2023046998号