那提西银行-欧洲-宏观经济-经济闪光点：建立欧元区预算的目标

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1、FlashEconomicsTheobjectivesofcreatingaeuro-zonebudget21November2017-1340BothEmmanuelMacronandAngelaMerkelhaverecentlyraisedthepossibility(theneed)ofcreatingaeuro-zonebudget,tobemanagedbyaeuro-zoneministryoftheeconomyandfinance.Thisbudgetwouldprobablybespentprimar

2、ilyoninvestmentprojectsintheeurozone:infrastructure,energy,education,supportforinnovativecompanies,etc.Butotherwaystofinancethisspendingalreadyexist(JunckerPlan,theEUbudget).Sowhataretheobjectivesofcreatingaeuro-zonebudget?Countercyclicalstabilisationbetweenthee

3、uro-zonecountries.Ifthisbudget’sresourcescomefromtaxespaidineachcountrylinkedtoeachcountry’scycle,thenacountryinaworsecyclicalsituationthantheotherswouldcontributelesstotheeuro-zonebudgetwhilereceivingthesamelevelofinvestment,whichwouldbestabilising;Theintroduct

4、ionofanelementoffederalismtoreducethegrowingincomedisparitiesbetweentheeuro-zonecountries.Toachievethis,thebudget’staxrevenuesmustbelinkedtotheGDPlevelofreachcountry,withitsspendingoverweightingthepoorercountriesrelativetotheirrichercounterparts.Thiswouldgiverise

5、tostructuraltransferpaymentsfromtheeuro-zonecountrieswithabove-averageincomestothosebelowtheaverage.Thesecondobjectiveisobviouslymoreambitious,sinceitentailspermanentincometransfersbetweenthecountriesandnotmerelycyclicaltransfers.Butitisvitaltocorrectthegrowinghe

6、terogeneityoftheeurozone.PatrickArtusTel.(331)58551500patrick.artus@natixis.com@PatrickArtuswww.research.natixis.comCORPORATE&INVESTMENTBANKINGINVESTMENTSOLUTIONS&INSURANCESPECIALIZEDFINANCIALSERVICESDistributionofthisreportintheUnitedStates.Seeimportantdisclosur

7、esattheendofthisreport..FlashEconomicsEuro-zonebudget:MoreinvestmentisnotthemainobjectiveFranceandGermanyseemtoincreasinglythinkandacceptandideathataeuro-zonebudgetmanagedbyaeuro-zoneministryoftheeconomyandfinancewouldbeagoodidea.Suchaeuro-zonebudgetwouldprobably

8、bemostlyspentoninvestmentprojects:securityanddefence,energy,education,supportforinnovativecompanies,transportinfrastructure.Thisisnotthemostimportantaspectofae