海外之声 | 欧央行副行长：继续推进欧洲经济货币联盟及其对欧洲国际地位的启示
导读
在欧洲不断推动的金融整合过程中，主要有两个维度的考虑：一是整个欧洲地区的价格整合；二是跨国活动的从量整合。欧洲迄今为止都在不断地推出大量政策手段，促进更好的整合。但是在过去的两年，这一过程的进展有点缓慢了。
在资本市场方面，整体价格分散程度上确实有所降低。投资基金和银行业都实现了一定程度上的跨国风险分散或是价格整合。但在从量整合方面，进展仍然保持低速。跨国银行间借贷保持低迷，零售借贷受到诸多限制。
这些发现对欧盟的政策制定有一定的启示。第一，跨国金融整合在推动私人跨国风险分险方面工作不足。欧洲经济货币联盟（CMU）需要更进一步推动市场的整合和发展。第二，银行联合仍然没有实现。尤其是自从危机之后，银行就逐渐减少他们的跨国宣言，推动银行联合的政策动力逐渐消失。而这样的情况又会通过影响银行的预期而自我实现，进一步导致整合失败。
因此，欧洲政策改革更为重要。欧盟不仅需要考虑如何推动欧洲经济货币联盟，还需要思考在国际上应当扮演的角色。
从全球角度来看，欧洲应当担任一个引领的角色，并推动改革维持一个高质量的监管体系。另外，CMU需要准备好创建一整个合适的生态体系的规定，推动欧洲的金融市场变得更有活力和具有吸引力。而在欧洲层面上，在英国脱离欧盟的监管体系并建立他们自己的体系之后，两个司法管辖区的关系需要被重新界定。我们仍然需要重新平衡与英国金融市场的持续整合可能存在的收益和风险。而EU27资本市场因为遵从不同国家规则的监管，体质混杂，也阻碍了市场的整合，需要政策协助改变。
而在这样的过程中，主要强调五个先行领域：首先是必须完善整个银行联盟的机制结构。其次是为了促进跨国行为和跨欧洲企业的出现，需要停止国家各自分隔的行为。第三是需要整个欧洲的储蓄资金池流动起来，被有效利用。第四是需要不间断的回顾金融监管框架，保证政府可以监视并解决可能存在的金融稳定性风险。第五是应当对欧洲安全资产的需求进行一个开放性的讨论。
演讲者：路易斯·德·金多斯，欧洲中央银行副行长
英文原文如下：
Deepening EMU and the implications for the international role of the euro
Speech by MrLuis de Guindos, Vice-President of the European Central Bank, at the occasion of the joint conference of the European Commission and the European Central Bank on European financial integration and stability, Brussels, 16 May 2019.
It is a great pleasure to be speaking today at the joint European Commission and ECB conference on financial integration in Europe.
The choice of the international role of the euro as the guiding theme represents a change in focus in the discussions on Economic and Monetary Union (EMU) reforms, from a post-crisis response to a broader agenda.
At the same time, Europe is facing new challenges, not least a return to fragmentation at the global level and the United Kingdom's departure from the EU, amid heightened political uncertainty.
In this context, I would like to give an overview of where we are in terms of European financial integration and draw lessons for the concrete policy actions that would promote integration.
Where do we stand on financial integration in Europe?
At the ECB, we analyse two dimensions of financial integration: price convergence across the euro area and quantity-based integration via cross-border activities.
The great financial crisis caused fragmentation along both of these dimensions. Since then, we have made great progress thanks to measures to reform EMU and the announcement of our Outright Monetary Transactions. These actions, together with a wide range of policy measures taken in the years that followed, put us back on the path towards greater integration.
However, this process has stalled somewhat in the last two years.
On the capital markets side, most of the recent positive developments in terms of financial integration have been driven by an overall reduction in price dispersion, rather than an improvement in holdings of non-domestic assets, or cross-border holdings.
Going beyond the aggregate figures, however, we see that the investment fund sector makes a positive contribution to integration by allowing investors to spread and diversify their asset holdings across countries. In 2017, investment funds held roughly 78% of all their holdings in bonds issued outside their own domicile. This is important because more cross-border holdings are needed to support consumption smoothing in the face of shocks and to enhance cross-border risk-sharing.
In banking markets the picture is also mixed. In general, we have seen a reduction in the cross-country dispersion of banks' funding costs and lending rates, pointing to some price-based integration.
In terms of quantity, however, integration is still fairly low as cross-border interbank lending remains stagnant and cross-border retail lending continues to be very limited.
More cross-border lending would be welcome as it could better insulate the domestic banking sectors from regional shocks, thus helping to sustain consumption or investment levels in the face of adverse shocks.
These findings have implications for the EU's policy agenda.
First, cross-border financial integration still falls short of the potential for cross-border private risk-sharing we would like to see in the euro area. While the United States is an ambitious benchmark in this respect, it is interesting to note that 40% of shocks to GDP growth can be mitigated through diversification via capital markets in the United States. This compares with only 20% of shocks to GDP growth that can be smoothed in the euro area.
The capital markets union (CMU) agenda therefore needs to be pursued with renewed vigour to foster a deeper integration and development of markets.
Second, the banking union is still not a reality even though two of its three pillars have been put in place. Euro area-based banks have substantially reduced their cross-border claims since the crisis, and about 60% of banks' total exposures are to their home countries.
This is worrying at a time when the political momentum behind completing the banking union is fading. Importantly, this may lead banks to refocus their activities on their domestic markets as they anticipate that the banking union will remain incomplete, resulting in further fragmentation.
Renewed risks of fragmentation increase the need for European integration
Pursuing reforms through European projects is even more important in view of a possible return to fragmentation at different levels.
At the global level, a lack of commitment to fully implement internationally agreed standards may hinder international activity. Europe should be taking a leading role here and promoting an integrated and level playing field within its own borders and beyond by implementing the agreed reforms and maintaining a high-quality regulatory framework. This will provide confidence in the health and resilience of our markets and buttress Europe's credibility as a rule-maker.
From a global perspective, European capital markets are currently too small and too fragmented. The CMU agenda should therefore be geared towards creating the ecosystem needed to develop more vibrant European financial markets and intermediaries that are able to compete internationally. This means both promoting policies that help markets to increase their size and scope, and doing away with the barriers to the cross-border functioning of markets implied by differences in national policy concerning insolvency, taxation and other areas. Promoting a single rulebook in a wide range of areas, including consumer protection, anti-money laundering and accounting rules, is also key to the success of CMU. Regulatory consistency in a broad sense and a level playing field, as opposed to leniency, are crucial to render EU markets attractive.
At the European level, Brexit is an additional challenge which may lead to fragmentation as services could be provided in a more decentralised way. At the same time, EU27 capital markets are still subject to national rules and supervision, making for a patchwork of regimes which prevent the integration of markets and may open the door to regulatory arbitrage. As a response to Brexit, we need to develop truly European capital markets, and this makes progress on the CMU front even more urgent.
As the United Kingdom leaves the EU's regulatory and supervisory framework and develops a new one of its own, a different relationship between the two jurisdictions will need to be defined. It will need to balance the benefits of continued integration with the UK financial markets with the potential risks to financial stability, consumer and investor protection, and the integrity of the Single Market. This path will not be easy for either side as the lure of the flexible and light-touch regulation of the past can be strong, bringing with it the risk of divergence between EU and UK rules or a potential race to the bottom. And these considerations will also play out as we review the role of equivalence regimes in EU financial legislation.
European responses are the way forward
Turning to policy responses, the way forward is clear: we need to move away from national responses and promote European ones within the CMU and banking union agendas. Let me briefly emphasise five priority areas.
First, we need to complete the banking union's institutional architecture. In particular, we should ensure that the backstop to the Single Resolution Fund is fully operational, agree on a banking union solution to liquidity needs in resolution and define a clear path towards a European deposit insurance scheme (EDIS). A fully fledged EDIS would facilitate cross-border banking since depositor protection would be independent of a bank's location, and ensure that an increase in cross-border activity does not reduce the overall resilience of the system. This would provide the institutional framework for the cross-border risk-sharing that Europe needs.
Second, to facilitate cross-border activity and the emergence of pan-European entities, we need to put an end to national ring-fencing. Within the banking union, supervisors should be able to grant cross-border waivers for capital, liquidity and large exposures, provided that prudential safeguards are in place. This would lead to more efficient resource allocation and support the emergence of resilient cross-border banks able to provide credit across borders and to offer investors access to diversified products.5 It would also foster cross-border bank penetration, which would support the credit channel of private risk-sharing. Within CMU, a more level playing field would also enhance the capital market channel of risk-sharing.
Third, we need to mobilise the large existing pool of savings in Europe so it can be put to productive uses. Today, households keep 35% of their financial wealth in cash and deposits, around a third in insurance and pension funds, and the rest in shares, funds and bonds. Differences in saving behaviours - through banks or through pension funds - suggest that there is potential for savings to be allocated more efficiently within the banking union and for retail investors to participate more actively in capital markets. Fostering equity investment by addressing the debt-equity bias and improving financial literacy, for instance, would support the development of an equity culture in Europe, which would, in turn, help to finance innovation, growth6 and risk-sharing7, while also increasing the return on savings for households.
Fourth, we need to continuously review the financial regulatory and supervisory framework to ensure that authorities can monitor and address potential financial stability risks. European firms are relying more heavily on corporate bonds for their financing than they did in the past, and both households and various financial intermediaries are increasingly holding corporate bonds via investment funds. This changing environment might entail new sources of risk as well as different transmission channels of financial instability. Robust prudential standards in the non-bank financial sector therefore need to be upheld, and changes to the financial structure need to be reflected in the supervisory framework to avoid risks developing beyond the watch of supervisors. The macroprudential toolkit will also need to be extended to the non-bank financial sector so that the authorities have the means to address risks at the system level.
Last but not least, we should not shy away from having an open discussion on the need for a European safe asset. If well designed, such a European asset could become the benchmark for investors in EU capital markets, reduce the incentives for capital flight on national bonds within the euro area and contribute to lowering risks on banks' balance sheets.
Deeper financial integration will strengthen EMU and ultimately enhance the international role of the euro
More developed and integrated banking and capital markets play a complementary role in financing the real economy by providing different sources of financing adapted to various funding needs and stages of firm development. They also help to match borrowers and investors in an efficient way.
Efficient capital and banking markets also contribute to fostering cross-border private risk-sharing via the credit and capital channels, which reduces the need for public risk-sharing and enhances the resilience of EMU.
We therefore need to promote a European approach to financial integration so that we can complete both the banking union and the capital markets union. Achieving developed, integrated EU markets that are open and attractive to international investors would ultimately reinforce the role of the euro on the international stage.
编译 欧阳泉
编辑 罗梦宇
来源 BIS
责编 胡晓涛、蒋旭
监制 朱霜霜
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