欧洲货币一体化中的财政约束研究——基于价格水平的财政理论(FTPL)视角

随着目前欧元区财政经济状况的整体恶化,稳定与增长的矛盾凸显,欧盟《稳定与增长公约》框架下的财政约束条款再度引发诸多争议。基于价格水平的财政理论(FTPL)视角,本文试图论证为实现欧元区物价稳定和欧元汇率稳定的双重目的,欧盟《稳定与增长公约》框架下的财政约束有其必要性。

The Research on the Fiscal Restraint in the Monetary Integration in European Union

Along with the deterioration of the overall financial and economic situation in Euro area, the contradiction between stability and growth becomes more distinct than before, so the fiscal provisions under the framework of Stability and Growth Pact have triggered a few disputes. Based on the fiscal theory of price level, this paper attempts to demonstrate the necessity of the fiscal restraint under the framework of Stability and Growth Pact in European Union from the perspective of maintaining the stability of equilibrium price and exchange rate in Euro area.