歐盟債務危機的歷程與展望

The Development and Perspective of the EU Debt Crisis

鄒忠科(Peter Chong-Ko Tzou)

《淡江國際與區域研究》 3卷2期 (2015/01) Pp. 1-32

摘要

歐盟債務危機最早應追溯至2009年12月，希臘因欠下巨額公債，導致債券被信評公司降級， 不得不向歐盟與國際貨幣基金（International Monetary Fund, IMF）申請紓困。當時許多人以為這是希臘單一國家的問題，2010年愛爾蘭與葡萄牙公債同樣被降評；2011年則蔓延至西班牙與義大利，全球各國開始警覺這是歐盟面臨的一場連鎖性的金融危機。為深入剖析歐盟債務危機形成之原因和未來的可能發展，本文首先探討歐元機制下經濟暨貨幣聯盟（Economic andMonetary Union, EMU）與盟歐盟經濟治理的發展歷程與析述歐元區經濟發展落差的因素，並論述歐盟層級因應主權債務危機所提出的政策方案及已生效的歐洲財政協定以及評估未來歐洲財政聯盟（EuropeanFiscal Union）的成立功效。

關鍵字

歐洲債務危機 ； 歐洲聯盟 ； 歐元 ； 經濟暨貨幣聯盟 ； 穩定與成長公約 ； 趨同標準

並列摘要

The debt crisis of the European Union (EU) should be traced back to December 2009, the Greek government owed a huge public debt, thus causing many credit rating agencies to downgrade their national bonds. Meanwhile, Greece had been forced to appeal to the EU and the IMF (International Monetary Fund) for financial assistance and bailout. At the time, the problem was deemed to remain circumscribed to Greece. In 2010 it had spread to Ireland and Portugal. As Italy and Spain followed in 2011, international observers began to alert to the chain of financial crisis facing the EU. In order to analyze the reasons behind the European debt crisis, and its possible future development, this paper will first discuss the mechanism regulating the EMU (European Economic and Monetary Union) and the development process of the European Union's economical governance. Then it will be possible to explain the gap factors of the euro zone's economic development, and discuss how policy options within the EU-level will determine the response to the sovereign debt crisis. As in 2013 the European fiscal pact entered in force, this paper will include an assessment and feasibility recommendations on the future establishment of the evolving European fiscal union.

並列關鍵字

European Union (EU) ； Euro ； Stability and Growth Pact (SGP) ； Convergence Criteria