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Aug 2, 2022 Hans-Werner Sinn

慕尼黑——直到最近，欧洲中央银行还可以直接砸钱到欧元区的问题上。但这在通胀面前已不再可能，因此它现在开发了一种新的“反碎片化”机制——转移保护工具（TPI）——以保护负债累累的成员国，以防其借贷成本（主权债券收益率）的涨幅远高于负债较少的成员国。如果需要，欧洲央行将在其投资组合中将低债成员国的债券换成高债成员国的债券，从而降低它们之间的利差。

谁来决定是否确实需要采取这一行动？欧洲央行——完全自说自话。

TPI 存在问题的原因有很多，尤其是因为利差是正常运作的资本市场和联合体不可或缺的一部分。值得牢记的是，虽然收益率差是指在商定的纸面名义利率，但在破产的情况下，根本不会支付这些利率。

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Hans-Werner Sinn

Writing for PS since 2002
109 Commentaries

Hans-Werner Sinn, Professor Emeritus of Economics at the University of Munich, is a former president of the Ifo Institute for Economic Research and serves on the German economy ministry’s Advisory Council. He is the author, most recently, of The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs (Oxford University Press, 2014).

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Per Kurowski Aug 3, 2022

The anti-fragmentation tool “Sovereign Debt Privilege” capital requirements with 0% risk weight EU assigned to all Eurozone sovereign debts, has much produced the large debt burdens that now require the support of a Transmission Protection Instrument (TPI).
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alex Finch Aug 2, 2022

What’s worse than stagflation? Deflation. Worried about inflation? Buy stocks! Continental Europeans don’t believe in investing in stocks with about 85% preferring stress-free cash (and no ‚Skin-in-the-game‘), and EU governments offering little in the way of incentives to change that. As Alan Greenspan explained in his 2007 book The Age of Turbulence: „Rational risk taking is indispensable to material progress (P.503) - stock markets are designed to direct savings to the most productive investments, and this is a major contributor to a nation’s growth in productivity and it’s standard of living (P.488)“. Central banks can’t suddenly just stop printing money (to stop inflation) simply because some people want to hoard ‚safe‘ cash, avoid any risk taking, and yet demand to keep their pricing-power (leading to deflation). Inflation will subside, however those wanting to avoid risk and stress will have to accept their cash losing value over time. It’s that simple.
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