在德国，行动胜千言

    根据协议，德国各联邦州将向德国联邦政府和欧盟上交部分财政自治权，以此换取债务压力的减轻。该计划包括德国联邦政府将向各州一次性转移现金5.8亿欧元，缓解预算缺口。另外，原先由州政府承担的日托服务和一些养老护理支出也将转至联邦政府，帮助州政府减轻大笔开支压力。最后是发行德国联邦/州联合债券——这可是首次出现此类债券，因此德国人创造性地称其为“联邦州债券”，简称D债券。

    计划细节依然不明，包括D债券将如何发行，如何销售。如果由联邦州发行，那么债务仍会堆积在州政府层面。这样虽然能解决发行问题，因为联邦政府会填补任何损失，但降低了联邦州政府的融资利率，并不能解决其预算赤字问题。

    不过，联邦州协议依然具有重要意义。它显示了柏林政府确实愿意通过承担他人债务，换取更大的财政权力。也说明德国人愿意参与进来，在欧洲建立一个更紧密的财政联盟。

    但联邦州协议公布后，德国财长朔伊布勒告诉记者，这并不意味着德国一定会支持在欧元区达成类似方案。他说：“……只要各国政府掌握决策，他们就必须负责。如果你花钱，我买单，你就不会懂得节约。”

    这当然说出了目前欧元区成员国争论的核心。如果他们还想在欧元区层面把现有的债务汇总起来或发行新的债券，他们必须全都同意，自愿将一些（如果不是全部）财政决策权交给一个更加审慎的中央决策机构。

    市场对于欧元区领导人能否同意这样的安排没有多少信心，但德国的联邦州协议提供了一些希望。德国国内的权力和债务转移，显示还是有可能达成一定的妥协，把以前对立的国家团结在一起，为了更高的利益共担债务。德国历史上有过多次这样的经历，从1871年的首次统一，到最近的1990年的东西德合并。两次都是经济好的地区帮经济差的地区分担压力，最后形成一个更强大的国家。德国已多次表示它愿意行动起来。它只是在等待欧元区其他国家加入。

    译者：早稻米

    Under the agreement, the states would surrender some of their fiscal autonomy to the federal government and the European Union, in exchange for some major debt relief. This plan would encompass a one-time transfer of cash of 580 million euros from the federal government to the states to alleviate budget shortfalls. It would also transfer day care and some elderly care funding from the state level to the federal level, taking a large funding burden off the states. And lastly, it would involve the issuing of a joint federal/state bond – the first of its kind, which the Germans so originally are calling "Deutschland bonds," or simply, D-Bonds.

    The specifics of the plan are hazy as it is still unknown how D-Bonds would be issued and distributed. If they are issued by member states, then that debt will still pile up at the state level. While that would solve the issuing problem, as the federal government would backstop any losses, lowering state borrowing rates doesn't solve the state budget deficit problem.

    In either case, the agreement is still significant as it showed that the federal government in Berlin is indeed willing to underwrite others' debts in exchange for greater fiscal power. It also shows that Germans are willing to play ball when it comes to forming a tighter fiscal union with Europe.

    But German Finance Minister Schaueble told reporters after the agreement was announced that the agreement did not mean that Germany would necessarily back a similar arrangement at the eurozone level, noting that, "...as long as the national states make the decisions, they have to be liable. If you can spend money on my tab, you won't be thrifty."

    That of course goes to the heart of the dispute currently vexing eurozone leaders. They must all be willing to voluntarily give up some, if not all, of their fiscal decision-making power to a prudent central authority if they ever hope to pool their existing debt or issue new debt at the eurozone level.

    The markets don't have much faith that eurozone leaders will ever agree to such an arrangement, but the German story offers some hope. The transferring of power and debt within Germany shows that it is possible to hash out a compromise. It also shows that it is possible for former warring nations to come together and share each others' burdens for a greater good. Germany has done it many times in its history, from its first unification in 1871 to its most recent unification in 1990. Both times, richer states took on the burdens of weaker states but later emerged as a much-stronger nation. Germany has shown again and again it is willing to step up to the plate. It is just waiting for the rest of the eurozone to play ball.