欧州危機―思い切った金融緩和を

--The Asahi Shimbun, Dec. 2
EDITORIAL: Drastic financial easing needed to solve Europe debt crisis
欧州危機―思い切った金融緩和を

The central banks of Japan, the United States, Canada and Europe jointly proposed measures to deal with the ongoing financial crisis.
　日米欧の主要中央銀行が、協調して金融危機への対応策を打ち出した。

They will lower interest rates on their U.S. dollar loans to make it easier for banks facing financial difficulties because of the European debt crisis to borrow funds.
欧州の債務問題で経営が悪くなった銀行が資金繰りに窮しないよう、中央銀行が貸し出すドル資金の金利を下げ、借りやすくする。

In stock markets across the world, share prices rose on the grounds that concerns for a financial system crisis were alleviated.
　各国の株式市場は、金融システム危機への懸念が和らいだとして、いずれも上昇した。

However, the dollar supply plan is no more than a stopgap measure.
　ただ、今回のドル供給策はあくまで急場しのぎでしかない。

The European debt crisis that spread to Italy has become increasingly serious with concerns for the downgrading of French government bonds and the failure of a German government bond auction to draw investors.
イタリアへ波及した欧州の債務危機は、フランス国債の格下げ不安やドイツ国債の入札不調で一段と深刻化している。

With the drop in bond prices, European banks are facing deteriorating financial standings, and pressure of a credit crunch caused by cutbacks in lending and sales of assets shows no signs of abating.
　国債の値下がりで欧州の銀行は財務内容が悪化しており、貸し渋りや資産売却による信用収縮の圧力は収まりそうにない。

The Organization for Economic Cooperation and Development predicts that the economy of the euro zone will shrink for two consecutive quarters from the October-December period of 2011.
　経済協力開発機構（ＯＥＣＤ）はユーロ圏が１０～１２月期から２四半期連続でマイナス成長になると予測する。

The debt crisis is undermining financial functions and cooling the real economy.
債務問題が金融機能を損なわせ、実体経済を冷え込ませる構図だ。

At this rate, the situation could lead to a global economic crisis, affecting the United States, which has a huge amount of investments and loans in Europe, China, with its large quantities of exports to Europe, and Japan, which has been hit by a strong yen.
　このままでは、欧州に多額の投融資をしている米国や、欧州への輸出が多い中国、円高の直撃を受ける日本など、世界に経済危機が広がる。

A recurrence of the Lehman Shock must be averted at any cost.
リーマン・ショックの再来は断じて防がねばならない。

However, major European countries that are the key players in the euro zone have yet to make a concerted effort to deal with the crisis.
　ところが、肝心のユーロ圏主要国の足並みは乱れたままだ。

The expansion of the European Financial Stability Facility (EFSF), which is considered an ace in the hole for now, has a far way to go to meet its target of 1 trillion euros in the face of objections by Germany, which puts importance on financial discipline of each country.
当面の切り札である欧州金融安定化基金（ＥＦＳＦ）の拡大についても、各国の財政規律を重視するドイツの反対で、目標の１兆ユーロはおぼつかない。

While it is important to restore fiscal health, the European Central Bank (ECB) should first expand its purchase of government bonds.
　財政健全化も重要だが、まずは欧州中央銀行（ＥＣＢ）が国債の購入を拡大すべきだ。

It is also necessary to drastically reduce interest rates and implement drastic financial easing.
金利も大幅に引き下げ、大胆な金融緩和に踏み込む必要がある。

We urge Germany, which is objecting to the purchase of government bonds on the grounds that it would cause inflation, to change its stance on this matter.
インフレを招くとして国債購入に反対しているドイツは、ここから「君子豹変（ひょうへん）」してほしい。

A credit crunch would sooner or later develop into massive pressure for deflation.
　信用収縮は早晩、巨大なデフレ圧力となる。

Unless unrest of financial systems is brought under control, the situation could lead to a deflationary spiral beyond help.
金融システムの動揺を抑えないと、手の施しようがないデフレ・スパイラルに陥りかねない。

Currently, the growth rate of prices in the euro zone is 3 percent.
　ユーロ圏の物価上昇率は現在３％。

Since it is higher than the ECB's target of "2 percent or less," the situation calls for austerity measures under ordinary circumstances.
ＥＣＢが目安とする「２％以下」を上回り、通常なら引き締めの情勢だ。

But now is a time of emergency.
しかし、いまは非常事態である。

While Germany bitterly remembers the hyperinflation that hit the country after World War I, if the current situation leads to a deflationary spiral, it would be a total loss.
第１次大戦後のハイパーインフレが骨身に染みているドイツだが、デフレ・スパイラルを招いては元も子もない。

Furthermore, as France proposed, the EFSF should be reorganized into a bank.
　さらに、フランスが提案していたように、ＥＦＳＦは銀行へと改組するのが望ましい。

Like ordinary banks, if it borrows funds from the ECB by using government bonds in its possession as collateral and purchases more bonds, the expansion of the EFSF would be unnecessary.
ふつうの銀行と同様に、手持ちの国債を担保にＥＣＢから資金を借りて国債を買えば、ＥＦＳＦの規模を拡大せずにすむ。

Although the idea was scrapped because of Germany's opposition, top priority must be given to the prevention of a crisis.
　これもドイツの反対でつぶれたが、危機の防止を最優先にしなければならない。