Within the Eurozone’s macroeconomic policy framework, fiscal policy was assigned the task of managing the level of fiscal deficits, and ensuring that the level of public debt was not too high. Within this framework, monetary policy was to stabilize the macroeconomy, wage and price setting was to ensure that countries remained sufficiently competitive in relation to each other, and financial liberalization was undertaken to enable integration of the peripheral European economies with their northern neighbours, thereby generating an increase in well-being. But, even before the onset of the global financial crisis, the competitive position of the GIIPS countries had become unsustainable, and financial liberalization had been grossly mismanaged. The onset of the global financial crisis has meant that interest rates have reached the zero bound so that monetary policy is no longer able to stabilize the Eurozone economy effectively. In these circumstances, fiscal policy needs to both help stabilize the economy, in a way not allowed by the Stability and Growth Pact, and also needs to play a part in ensuring the resolution of imbalances within Europe. For this to be possible, some of the sovereign debt of countries will need to be written down.

中文翻译：

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财政治理：欧元区如何获得所需？

在欧元区的宏观经济政策框架内，财政政策的任务是管理财政赤字水平，并确保公共债务水平不会过高。在这个框架内，货币政策是为了稳定宏观经济，工资和价格设定是为了确保各国之间保持足够的竞争力，金融自由化是为了使外围欧洲经济体与北部邻国融合，从而产生增进幸福感。但是，甚至在全球金融危机爆发之前，GIIPS国家的竞争地位就变得不可持续，金融自由化也受到严重管理。全球金融危机的爆发意味着利率已达到零极限，因此货币政策不再能够有效地稳定欧元区经济。在这种情况下，财政政策不仅需要以稳定与增长公约所不允许的方式帮助稳定经济，还需要在确保解决欧洲内部的失衡方面发挥作用。为了做到这一点，将需要减少一些国家的主权债务。