歐債危機爆發後的歐洲經濟整合之發展

European Economic Integration Development during Eurozone Crisis

歐債危機凸顯相對於急遽加速的經濟與金融一體化，而歐盟層級監管卻顯然滯後的現象，在多項短期措施均無法有效防範個別國家的債信問題擴散為歐元區的信心危機之下，歐盟在德法兩國的主導下，朝向深化整合的方向前進。2012年6月歐盟高峰會通過《走向真正的經濟與貨幣聯盟》報告，提出透過銀行聯盟與財政聯盟進行深化整合的願景，藉由單一監管機制、協調的存款保障與單一清算機制等三大支柱建立整合的金融架構；以六項規則、財政條約與二項規則，建立整合的預算架構。這些計畫主要是為了破壞銀行與主權的連結，以及加強經濟架構安全性。儘管整合路線規劃極具企圖，事實上絕大部分的成績都是在歐債危機延燒期間完成，然而隨著危機從短期衝擊轉為長期結構性問題下，各國對保留自身主權的想法轉而居於主導地位。更重要的是，許多議題的執行需要全體會員國的緊密合作、監督與共同擔保，修改歐盟條約也是無可避免的，問題是各國是否願意讓歐盟擁有對國內政策的指導或否決的權力。

Eurozone crisis emphasized the phenomenon that compared with the accelerating economic and finance integration, the supervision at the EU level and other integration are obviously lagged behind. As many short-term measures are incompetent to prevent credit problem from spreading to the confidence crisis in the Euro area, EU is oriented to deeper integration by German and France. European Council passed “Towards a Genuine Economic and Monetary Union”, which expounded the vision to deepen integration through banking union and fiscal union: to establish integrated financial framework by Single Supervisory Mechanism (SSM), Single Resolution Mechanism (SRM) and Deposit Guarantees, and to establish integrated budgetary framework by six-pack rules, TSCG and two-pack rules. These projects are designed to break the link between banks and sovereigns, and to reinforce the safety of economic structure. Although the integration path was ambitiously mapped out, in fact, most achievements were reached during the difficult period of Eurozone crisis, and as the crisis turned from short-run impact to long-run structural problems, the intention to keep sovereign gradually occupied the leading position. For the most important, many issues need all the member states to closely cooperate, supervise and common guarantee in order to be smoothly carried out, so it’s inevitable to amend Lisbon Treaty. However, the key issue is whether all the member states are willing to give EU the power to interfere or veto their domestic policies.