ＥＵ首脳会議 危機克服へ統合を深化せよ

The Yomiuri Shimbun (Oct. 23, 2012)
EU must deepen integration to overcome crisis
ＥＵ首脳会議　危機克服へ統合を深化せよ（10月22日付・読売社説）

The European Union has hammered out a policy of boosting solidarity and deepening its unity in a bid to weather its fiscal crisis. This is one step forward in solving the crisis. However, the EU's ability to quickly realize its plans has yet to be tested.
　財政・金融危機の克服に向け、欧州が結束を強めて統合を深化する方針を打ち出した。一歩前進だが、問われるのは、迅速な行動である。

At a summit meeting, EU leaders agreed to have the supervision of eurozone banks--presently carried out by each member country--carried out unitarily under the European Central Bank, starting next year and continuing in stages. It can be said that the accord came in line with the plan of pushing the eurozone toward a "banking union," which would integrate the financial administration of EU members.
　欧州連合（ＥＵ）の首脳会議は、各国に委ねていた銀行監督を来年から段階的に欧州中央銀行（ＥＣＢ）に一元化することで合意した。金融行政を統合する「銀行同盟」構想に沿った措置と言える。

Although European countries have been unified in their use of the euro, financial administration has been handled by each member country.
　欧州は通貨ユーロで統一されたが、金融行政や財政はバラバラという弱点がある。

Bank supervision has been lax, allowing fiscal deficits of some member countries to expand. Learning from this, the European countries have taken a step forward in deepening its integrity. This is quite appropriate.
銀行監督が甘く、財政赤字を拡大させた要因となった。その反省から欧州が統合深化に踏み出したのは妥当だ。

To provide a permanent financial stability net, the European Stability Mechanism was inaugurated on Oct. 8.
　恒久的な金融安定網として、欧州安定メカニズム（ＥＳＭ）が８日に発足した。

For the ESM to shore up banks in financial difficulties through a direct capital injection, it is a prerequisite for the ESM to precisely grasp the management condition of banks.
ＥＳＭが経営悪化の銀行に直接資本注入して支援するには、銀行の経営状況を正確に把握することが前提になる。

With a single supervisor overseeing banks, the way will be opened to utilize the ESM to assist shaky banks. The supervision by one body is expected to stop a "negative chain reaction," whereby a member country rescues its banks through public funds, deteriorating its fiscal health and sending the market into disarray.
　銀行監督の一元化によって、ＥＳＭを銀行支援に活用する道が開かれる。各国が銀行を公的資金で救済して財政が悪化し、市場が混乱するという「負の連鎖」を断ち切る効果が期待されよう。

===

EU countries must act quickly

Yet it remains uncertain as to when the single supervisor for banks will be created.
　ただ、銀行監督がいつ一元化されるか曖昧な点も残る。

For the eurozone to complete the banking union, it is necessary to work out a deposit insurance system for the EU countries as a whole and measures for the disposal of failed banks.
銀行同盟を完成させるには、欧州全体の預金保険制度や、銀行が破綻した場合の処理策も必要となる。

Although Germany, wary of an increase in its financial burden, remains cautious over the creation of the supervisor, EU countries must seek a point of compromise swiftly.
負担増を警戒するドイツは慎重だが、早急に妥協点を探るべきだ。

At the summit meeting, EU leaders also agreed to discuss measures for fiscal integration, including the introduction of a "common budget for eurozone countries" designed to shore up members in fiscal crisis, with the discussions to continue at their next summit slated for December. We hope they expedite their effort in working out a concrete action schedule.
　首脳会議は、財政危機国を支える「ユーロ圏共通予算」の導入など、財政統合の方策も協議し、１２月の次回会議まで議論を重ねることになった。具体的な行程表作りを急いでもらいたい。

===

Woes continue in Spain, Greece

A matter of concern is that EU leaders have deferred assistance measures for Spain, a key issue at the moment. This is because the Spanish government, which is in a serious fiscal crisis, has not sought assistance from EU authorities.
　懸念されるのは、当面の焦点であるスペインへの支援策が見送られたことだ。深刻な財政危機に陥ったスペインがまだ欧州当局に支援要請していないためだ。

Even though the yields on Spanish government bonds have been relatively stable lately, it is too early to relax. It is vital to work out assistance measures for the country and tackle fiscal reconstruction quickly.
　スペイン国債の利回りが最近、比較的落ち着いているからと言って、油断してはなるまい。速やかに支援策をまとめ、財政再建に取り組むことが肝要である。

Also worrisome is the outlook for the fiscal reconstruction of Greece, the epicenter of the European fiscal crisis. EU leaders at the summit talks put off a decision on whether they should agree to postpone the target date for putting that country's fiscal house in order, as Greece had requested.
　危機の震源地ギリシャの財政再建の先行きも懸念される。首脳会議は、ギリシャが求めた財政再建目標の先送りに応じるかどうかについて決着を持ち越した。

The EU won the Nobel Peace Prize this year for its role in contributing to the peace and reconciliation of Europe and the promotion of democracy and human rights.
　ＥＵは今年のノーベル平和賞の栄誉に輝いた。授賞理由は「欧州の平和と和解、民主主義と人権の促進への貢献」である。

The prolonged European financial crisis has been slowing down the global economy. The award is probably meant as a morale booster for the EU as it struggles to deepen its integration to overcome the crisis. Each member country must fulfill its responsibilities.
　長びく欧州危機が、世界経済の減速を招いている。平和賞は危機克服に向け、統合を深化させようと苦闘するＥＵへのエールの意味合いがあろう。欧州各国が責任を果たすことが求められている。

(From The Yomiuri Shimbun, Oct. 22, 2012)
（2012年10月22日01時19分  読売新聞）