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One nation overdrawn 欧洲的问题不在于货币 Lessons for Europe from Americas history 美国历史对今天欧洲的启示 IN THE frantic race to save the euro, manyEuropeans have sought inspiration from the UnitedStates, perhaps the most successful monetaryunion in history. Germanys council of economicexperts has proposed a debt redemption pactmodelled on the American federal governmentsassumption of state debts in 1790. To Europeanfederalists, America demonstrates that monetary union cannot survive without fiscal union.And proponents of a European lender of last resort to insulate sovereigns from liquiditycrises note how America can still borrow at 2% thanks to a deep and liquid government bondmarket backstopped by the Federal Reserve. 在拯救欧元的燃眉时刻，很多欧洲人试图从美国经验中寻找启示，因为美国的货币联盟大概是历史上最成功的了。德国的经济专家委员会最近提出的债务救赎协议， 就是以1790年美国联邦政府承担州政府债务的行动为范本的。在欧洲的联邦主义者看来，美国历史已经证明，没有财政联盟的支持，货币联盟不可能独立存在。为了避免主权基金发生流动性危机，一些人士认为，应当有一个统一的欧洲债权人作为最终保障。他们注意到，正是由于美国存在着一个由联邦储备作后盾的丰富并流动性高的公债市场，政府才能仍以2%的低利率借贷。 | 
