????根據協(xié)議，德國各聯邦州將向德國聯邦政府和歐盟上交部分財政自治權，以此換取債務壓力的減輕。該計劃包括德國聯邦政府將向各州一次性轉移現金5.8億歐元，緩解預算缺口。另外，原先由州政府承擔的日托服務和一些養(yǎng)老護理支出也將轉至聯邦政府，幫助州政府減輕大筆開支壓力。最后是發(fā)行德國聯邦/州聯合債券——這可是首次出現此類債券，因此德國人創(chuàng)造性地稱其為“聯邦州債券”，簡稱D債券。

????計劃細節(jié)依然不明，包括D債券將如何發(fā)行，如何銷售。如果由聯邦州發(fā)行，那么債務仍會堆積在州政府層面。這樣雖然能解決發(fā)行問題，因為聯邦政府會填補任何損失，但降低了聯邦州政府的融資利率，并不能解決其預算赤字問題。

????不過，聯邦州協(xié)議依然具有重要意義。它顯示了柏林政府確實愿意通過承擔他人債務，換取更大的財政權力。也說明德國人愿意參與進來，在歐洲建立一個更緊密的財政聯盟。

????但聯邦州協(xié)議公布后，德國財長朔伊布勒告訴記者，這并不意味著德國一定會支持在歐元區(qū)達成類似方案。他說：“……只要各國政府掌握決策，他們就必須負責。如果你花錢，我買單，你就不會懂得節(jié)約。”

????這當然說出了目前歐元區(qū)成員國爭論的核心。如果他們還想在歐元區(qū)層面把現有的債務匯總起來或發(fā)行新的債券，他們必須全都同意，自愿將一些（如果不是全部）財政決策權交給一個更加審慎的中央決策機構。

????市場對于歐元區(qū)領導人能否同意這樣的安排沒有多少信心，但德國的聯邦州協(xié)議提供了一些希望。德國國內的權力和債務轉移，顯示還是有可能達成一定的妥協(xié)，把以前對立的國家團結在一起，為了更高的利益共擔債務。德國歷史上有過多次這樣的經歷，從1871年的首次統(tǒng)一，到最近的1990年的東西德合并。兩次都是經濟好的地區(qū)幫經濟差的地區(qū)分擔壓力，最后形成一個更強大的國家。德國已多次表示它愿意行動起來。它只是在等待歐元區(qū)其他國家加入。

????譯者：早稻米

????Under the agreement, the states would surrender some of their fiscal autonomy to the federal government and the European Union, in exchange for some major debt relief. This plan would encompass a one-time transfer of cash of 580 million euros from the federal government to the states to alleviate budget shortfalls. It would also transfer day care and some elderly care funding from the state level to the federal level, taking a large funding burden off the states. And lastly, it would involve the issuing of a joint federal/state bond – the first of its kind, which the Germans so originally are calling "Deutschland bonds," or simply, D-Bonds.

????The specifics of the plan are hazy as it is still unknown how D-Bonds would be issued and distributed. If they are issued by member states, then that debt will still pile up at the state level. While that would solve the issuing problem, as the federal government would backstop any losses, lowering state borrowing rates doesn't solve the state budget deficit problem.

????In either case, the agreement is still significant as it showed that the federal government in Berlin is indeed willing to underwrite others' debts in exchange for greater fiscal power. It also shows that Germans are willing to play ball when it comes to forming a tighter fiscal union with Europe.

????But German Finance Minister Schaueble told reporters after the agreement was announced that the agreement did not mean that Germany would necessarily back a similar arrangement at the eurozone level, noting that, "...as long as the national states make the decisions, they have to be liable. If you can spend money on my tab, you won't be thrifty."

????That of course goes to the heart of the dispute currently vexing eurozone leaders. They must all be willing to voluntarily give up some, if not all, of their fiscal decision-making power to a prudent central authority if they ever hope to pool their existing debt or issue new debt at the eurozone level.

????The markets don't have much faith that eurozone leaders will ever agree to such an arrangement, but the German story offers some hope. The transferring of power and debt within Germany shows that it is possible to hash out a compromise. It also shows that it is possible for former warring nations to come together and share each others' burdens for a greater good. Germany has done it many times in its history, from its first unification in 1871 to its most recent unification in 1990. Both times, richer states took on the burdens of weaker states but later emerged as a much-stronger nation. Germany has shown again and again it is willing to step up to the plate. It is just waiting for the rest of the eurozone to play ball.