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发表于 2011-12-16 16:24:59
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VOX POPULI: It's not just Europe that has debts
I wrote a light commentary before the euro came into circulation, never imagining what serious problems this currency would cause 10 years later.
Even back then, the problems of unifying the currencies of Europe were being pointed out. There was an obvious problem with having one currency and one monetary policy for the whole region, while each member nation had its own fiscal circumstances to consider. Should one country irresponsibly allow its debts to keep snowballing, the euro's credibility would be shot and affect the entire region. That is exactly what the current eurozone debt crisis is about.
With the exception of Britain, European Union members agreed to tighten their fiscal discipline. The eurozone had its back to the wall when the agreement was reached. There were threats of downgrading the bonds of Germany and France, the two principal EU members.
Markets have no patience with slow democratic procedure. While money moved rapidly, the EU and the parliaments of its member nations were slow to reach decisions. It brought to mind a fire consuming a house while residents discussed fire prevention measures.
Still, it was good to see alarmed EU leaders pulling an all-nighter to negotiate an agreement. After all, it is the job of politicians to sweat and toil to protect their nations' interests, present and future.
In the debt-ridden nation of the East that is Japan, the Diet went into recess Dec. 9, leaving two censure motions up in the air and postponing decisions on crucial bills. There has been no progress to speak of with respect to cutting wasteful expenditures and improving the government's revenues.
Not only are the ruling and opposition camps unable to come to terms, but there is disarray even within the ruling party. It is as if these legislators are inhabiting a parallel universe to the rest of the world.
The pain of reform under market pressure is being made abundantly clear by the Europeans. There is every chance of the Japanese yen getting into deep trouble while we Japanese worry about the euro.
I would like to see our elected representatives sweat and toil like they are supposed to, rather than continuing to bicker among themselves.
--The Asahi Shimbun, Dec. 11 |
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