Übersetzung für "Mutualization" in Deutsch

Debt mutualization is anathema to many in Europe.

When I welcomed Mario Draghi’s strong statement in August, I argued that the ECB’s new “outright monetary transactions” program needed to be complemented by progress toward a more integrated eurozone, with a fiscal authority, a banking union, and some form of debt mutualization.

A eurozone political union, with a small federal budget and some mutualization of gains, losses, and debt, would have been useful in 1999, when the common currency was born.

Limited capacity for debt socialization reflects the EU Treaty’s no-bailout clause, which bars outright mutualization at the eurozone level of (national) public debt.

Germany and the other countries of the eurozone core are signaling that debt mutualization within the monetary union is out of the question, and that bailouts of countries or financial institutions will be balanced by “bail-ins” of their creditors.

By agreeing, year after year, to the mutualization of defense costs, what sort of incentives is France providing to Germany to undertake reform?

German Chancellor Angela Merkel’s new grand coalition government may not look like a reliable security partner, but does that mean France should hold out until Germany has made good on its legacy defense debt before considering defense investments and mutualization in Europe?

Debt mutualization alone will not save the euro, but, without it, the eurozone is unlikely to survive intact.

This should be combined with the mutualization of some portion of the liabilities of highly indebted countries – defined as a debt-to-GDP ratio above, say, 60% or 70% – and modest write-downs in exchange for long-term zero-coupon bonds.

At the end of the day, “ambitious muddling through” will most likely lead to a higher degree of sui generis economic and fiscal integration (especially among euro-zone countries), including binding synchronization of national budgets, greater economic coordination, and eventually also some limited form of debt mutualization.

Opponents of debt mutualization, especially in northern Europe, often argue that, in the absence of political unification, it amounts to putting the cart before the horse.

This requires debt mutualization, fiscal transfers between member states, and, of course, federal institutions to give all of this legitimacy.

Germany’s red line was debt mutualization: there must be no sharing of losses if any eurozone country should default.

A fully functioning monetary union also requires a central bank that is free to act as required to confront liquidity and confidence shocks, some mutualization of government debts, and centralized control over fiscal policy.

The second thing that must happen is that eurozone leaders and parliaments, with the cooperation of the courts, must be seen to push ahead with institutional reforms to establish not only the ESM, but also a banking union and partial debt mutualization.

Otherwise, mutualization of contingent liabilities could exacerbate the too-important-to-fail problem.

The transition from mutualization to private insurance which destroys the welfare state is not simply a change in the economic and social modalities of government but first and foremost a change in the way passions and most notably belief/trust are governed.