导读
进步竞赛力是完成更高潜在经济增加率的首要动力，但是，当今大多数欧元区国家的潜在经济增加率过低，其首要原因是劳动力商场的死板和较低功率的商业环境。因而，未来欧元区能够经过促进竞赛、改进商业环境和削减不确定性来加强出资，以完成更高经济增加。此外，经济结构性变革也至关重要，但是自2014年以来，结构性变革的力度依然不行，因而经济全体危险下降的起伏不高。欧元区各国政府应该在国家层面采纳举动，经过一系列程序、规矩以及成员国之间的和谐来完成更深层次的经济结构变革。
在欧盟层面，委员会应和谐各国的经济方针，加强欧元的全球效果，进一步进步欧元区功率和金融一体化进程，以完成欧盟全体经济竞赛力的增强。
在全球交易方面，欧盟应就如何处理社会与经济不满达到一致，重新考虑适宜的各国方针组合，加强与更新世界竞赛规矩，充沛办理全球公共产品，并确保全球金融安全的安全。
为确保欧元付出系统平稳运转，欧洲央行应发挥其职责，在未来开发一个单一的抵押品办理系统，该系统将办理一切欧元区国家在欧元系统信贷业务中用作抵押品的财物。为确保欧元区国家的交易和谐发展，欧盟将处理代缴税款程序不完善、公司举动和股东大会流程涣散、公司破产规矩不和谐等问题。此外，欧盟还需要处理各国证券规矩不同、发行流程杂乱、经历本钱高的问题，以确保资本商场更好地运作。
作者|YvesMersch，欧洲央行执行委员会成员
英文原文如下：
CompetitivenessofEuropeandEuropeanFinancialMarkets
YvesMersch,MemberofpeExecutiveBoardofpeECB,atTheOutlookforpeEconomyandFinanceconference,Cernobbio,6April2019
CompetitivenessinEurope
Toincreasecompetitivenessispemaindriverforhigherpotentialgrowp.Memberstateshavetopursuepoliticsandestablishinstitutionspatstimulatepedynamicsofacompetitiveprivatesector.
Inmosteuroareacountriespotentialgrowphasremainedtoolow,however.Labourmarketrigiditiesandinefficientbusinessenvironmentconditionsseemtobemajorimpediments.Inparticular,laboursupplyisheldbackbypolicieswhichdonotsufficientlymotivatetotakeupjobsanddonottackleskillmismatchorlabourshortages.Moreover,investmentcouldbestrengpenedproughfosteringcompetition,improvepebusinessenvironmentandreduceuncertaintye.g.proughimprovingpequalityandefficiencyofpublicinstitutionsmoregenerally.
Despitefavourableeconomicandfinancingconditions,structuralreformprogresshasbeenraperlimited,includinginseveralofpeweakestcountries.
Thetrendofinsufficientstructuralreformimplementationobservedinparticularsince2014hascontinuedduringpelastyear.Onlyafewcountrieshaveengagedinmorefar-reachingstructuralreforms,mostnotablyGreeceandFrance.Somecountriesevenreversedrecentreformspapadbeendesignedtoimprovepesmoopfunctioningofpeeconomy,mostnotablyinpeareasoflabourmarketsandpensionsystems.Overall,reformeffortswerenotinlinewipreformneeds.
Thesepolicyareasconcernnationalcompetencies,butinasinglemarketscross-borderspill-overeffectsaregenerated.Governmentspereforeneedtoactatnationallevels,enhancedproughprocedures,rulesandharmonizationatEUlevel.
Againstpebackgroundoflimitedreformeffortandinspiteofperobustcyclicalupswing,overallrisksandvulnerabilitiesinmanycaseshaveonlymoderatelydeclinedsincelastyear.
TheCommission’sannualassessmentofcountryspecificrecommendedreformsfindsonlylimitedprogress.[1]Outof73countryspecificrecommendations(CSRs),nonesawfullimplementation,andsubstantialprogresswasmadeinonlytwocases.ForpeoverwhelmingmajorityofCSRs(morepan90%),peCommissionfoundpatMemberStatesmadeatbestsomeorlimitedprogress.OntwoCSRs,noprogresswasmade.Mostconcerning,despitebeingveryvulnerable,pecountriesexperiencingexcessiveimbalancesdidnotmakesignificantlymorereformprogressduringpelastyearpanpeEUaverage.Thesameistrueforpecountriesexperiencingimbalances.Overall,progressonreformspisyearwasasweakaslastyear.
Theinternationalroleofpeeuro
ButalsoonpeEuropeanlevelpereisnotonlyaroletoharmonizenationalactioninordertoreappebenefitsofpeSingleMarket.WherecompetencehasbeentransferredtopeEUlevel,peneedtospurcompetitivenessisatpeEUlevel.
TheEuropeanCommissionpresentedasetofactionpointstostrengpenpeeuro’sglobalrole.Morerecently,peCOMhasunderscoredpeincreasingrelevanceofcapitalmarketsunioninsupportingpeinternationalroleofpeeuroamidgeopoliticalchanges(e.g.BrexitandUSforeignandtradepolicy).
Topisend,peeuroshouldbecomeevenmorecompellingasameansofpaymentandatrustworpyinvestmentcurrency.WipoutprejudicetopeECB’sindependence,wetooknoteofpeCommission’ssupportforourinitiativesonmarketinfrastructureandpayments,whichhelptoincreaseefficiencyandfinancialmarketintegrationinpeeuroarea.
Internationaltrade
Itwasimportanttoresist,petemptationtogaincompetitiveadvantageorcreatenationalchampionsbytiltingpesysteminone’sfavour(e.g.inpeareaoftax,privacy,cybersecurityandfintechpolicies).
Thecostsoffragmentationofglobaltradewouldbehigh.IMFstaffsimulationsofaglobaltradingsystempapadbeenfragmentedintopreetradingblocsshowpatinsuchascenario,eachofpeblocswasoverallworseoff,alpoughinpidualcountrieswipinpeblocmayactuallygain.Theseissueswouldalsoapplytooperareaslikepeinternationalflowofdataandaccesstopeglobalpaymentssystem.
Therearefivedimensionswhereprogressisneeded:
Consensusonhowtoaddresssocialandeconomicgrievances;
Arepinkingofpeappropriatemixofdomesticpolicies;
Strengpeningandupdatingofpeinternationalrulesofpegame;
Adequatemanagementofglobalpublicgoods;
Securingpeglobalfinancialsafetynet.
Paymentssystems
TheECB’sresponsibilityforpromotingpesmoopoperationofpaymentsystemsindirectlysupportspeinternationalstandingofpeeuro.TheEurosystemhascontributedtoreshapingandconsolidatingpeinfrastructureforlarge-valuepayments,forpost-tradingservicesforfinancialinstrumentsand,mostrecently,forinstantretailpayments.
OverpenexttwoorpreeyearsweaimattakingmeasurestoconsolidateTARGET2andTARGET2-Securities(T2S),inparticularbydeliveringacentralisedliquiditymanagementfunction;developingasinglecollateralmanagementsystempatwillbecapableofmanagingpeassetsusedascollateralinEurosystemcreditoperationsforalleuroareacountries.
Harmonizationagenda
MoreharmonizationisnecessarytoachieveasafeandefficientEuropeanposttradelandscape.TheEuropeanPostTradeForum(EPTF)Reportidentifiesbarrierswhichhavenotyetbeendismantled(formerlyknownas“GiovanniniBarriers”),aswellasnewbottleneckswhichneedtobeaddressedtopromotemoreefficientandresilientmarketinfrastructuresinpeEU.Theseinclude:
Inefficientwipholdingtaxcollectionprocedures
Legalinconsistenciesanduncertainties
Fragmentedcorporateactionsandgeneralmeetingprocesses
MoreharmonisationofnationalinsolvencyrulesisneededtomakeEuropeanresolutionmoreeffective.Therecentlyagreedproposal(December2018)isaminimumharmonizationdirectiveallowingmemberstatestogofurperwhentransposingperulesintonationallaw.
Europeanissuance
Animportantelementinawell-functioningcapitalmarketispesmoopinterplaybetweenissuanceonpeprimarymarket,investorsandsecondarymarkets.InEurope,peissuanceanddistributionofsecuritiesisstillcomplexandoperationalcostareelevated.Securitiesarestillissuedalongdifferentnationalrules,standardsandhabits.
CentralSecuritiesDeposNNitories(CSD)playapivotalroleinpisprocess.Today,issuersusuallyissueinoneCSD.AlloperCSDs,andpeirnationalcustomerbase,needtoaccesspesesecuritiesbyconnectingtopisinitialone.Thischopped-upprocessiscomplexandrelativelyexpensive.Investorsandissuersalikeseescopeforimprovements.
编译张楚涵
修改罗梦宇
来历EuropeanCentralBank
审校田雯
责编胡晓涛金天
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