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欧洲经济正面临债务高企、银行流动性不足和经济低迷的全面危机。债务危机表现为国家主权债务规模上升、债务成本居高不下、短期内偿债压力巨大;银行危机表现为银行业持有大量重债国债务、资产减记、资本金缺口大和融资困难。经济持续低迷与债务危机相互强化,形成恶性循环。短期内欧洲国家将继续执行紧缩性财政政策,欧洲央行实行宽松的货币政策。中长期看可能对重债国进行债务重组,或发行欧元债券,建立欧洲统一的风险和责任共担机制。
The European economy is facing a full crisis of high debt, lack of liquidity in banks and a downturn in economy. Debt crisis showed the rise of national sovereign debt, high debt cost and huge debt repayment pressure in the short term. The banking crisis was characterized by a large number of heavily indebted debt held by banks, asset write-downs, large capital gap and financing difficulties. The continuous economic downturn and the debt crisis have intensified each other, forming a vicious cycle. Short-term European countries will continue to implement the austerity fiscal policy, the European Central Bank to implement a loose monetary policy. In the medium and long term, it may be possible to restructure debt in heavily indebted countries or issue eurobonds to establish a common European risk and responsibility sharing mechanism.