From the wreck of the sovereign debt crisis Germany has unquestionably emerged as Europe’s pre-eminent power. And a central tenet of the German solution to the crisis – for it is primarily a German solution – is that other eurozone members must be recast in their mould of fiscal orthodoxy and financial conservatism. Debt is to be regarded as immoral; current account surpluses are de rigueur; all but marginal budget deficits will be punished; and financial innovation is to be throttled by regulation. What, fellow Europeans might ask, is the wellspring of this providentialism and homespun finance?
在主權(quán)債務(wù)危機(jī)留下的殘骸中，德國脫穎而出，成為不容置疑的歐洲頭號強(qiáng)國。解決危機(jī)的德國方案——因?yàn)樗饕褪堑聡慕鉀Q方案——的中心原則是，歐元區(qū)其它成員國必須按照德國的正統(tǒng)財(cái)政觀念和金融保守主義接受改造。債務(wù)將被視為不道德的；經(jīng)常賬戶盈余是必要的；只有微小的預(yù)算赤字才不會受到懲罰；金融創(chuàng)新將受到監(jiān)管的限制。歐洲人或許會問，這種天佑論和樸素金融的源頭是什么？