????就在全球股市擔(dān)心本周召開(kāi)的歐元區(qū)峰會(huì)可能傳來(lái)噩耗之時(shí),，德國(guó)國(guó)內(nèi)的最新發(fā)展情況或許能為人們提供一些信心,，讓人不再對(duì)這場(chǎng)曠日持久的歐債危機(jī)過(guò)于悲觀。德國(guó)總理安格拉?默克爾的態(tài)度本周出人意料地來(lái)了個(gè)180度大轉(zhuǎn)彎,，同意救助全德16個(gè)負(fù)債累累的聯(lián)邦州,，發(fā)行共同債券——聯(lián)邦州債券（Deutschland Bond）。為此,，地方州同意將一些財(cái)政權(quán)力上交柏林,。這樣的模式似乎為德國(guó)與歐元區(qū)成員國(guó)建立更緊密的財(cái)政聯(lián)盟鋪平了道路。

????德國(guó)官員試圖撇清聯(lián)邦州協(xié)議與歐債危機(jī)有何關(guān)聯(lián),，但這一事件無(wú)論從時(shí)機(jī),，還是框架上看，都絕非巧合,。默克爾似乎是在向歐洲鄰國(guó)發(fā)出信號(hào),，她并不排斥在整個(gè)歐元區(qū)實(shí)施類似的債務(wù)共擔(dān)安排,。可以將德國(guó)的聯(lián)邦州協(xié)議為模板,，創(chuàng)立一個(gè)財(cái)政聯(lián)盟和一個(gè)共同的歐洲債務(wù)工具（即歐元債券）,。如能達(dá)成這樣的協(xié)議，對(duì)于穩(wěn)定危機(jī)而言無(wú)疑是邁出了一大步,，歐洲終于可以重整旗鼓,，再次出發(fā)了。

????不同于歐洲其他所有權(quán)力都?xì)w首都的中央集權(quán)制國(guó)家,，德國(guó)是一個(gè)聯(lián)邦制國(guó)家,，權(quán)力分布于柏林和16個(gè)聯(lián)邦州之間，類似于美國(guó)一樣的分權(quán)制,。德國(guó)的各個(gè)聯(lián)邦州有很強(qiáng)的預(yù)算權(quán)力,，可以無(wú)需獲得柏林的批準(zhǔn)，隨意征稅和支出,。

????而和歐元區(qū)很多鄰國(guó)一樣,，德國(guó)一些聯(lián)邦州發(fā)現(xiàn)自己已難以獲得足夠低的融資利率來(lái)填補(bǔ)不斷擴(kuò)大的債務(wù)窟窿。更糟的是,，一旦執(zhí)行新的歐盟財(cái)政契約（明年即將生效）,，這些聯(lián)邦州將更難獲得融資。

????根據(jù)今年1月在歐盟幾乎全盤(pán)通過(guò)的新財(cái)政契約,，歐盟成員國(guó)需要將總的結(jié)構(gòu)性赤字占GDP的比例降至0.5%以下,。這意味著德國(guó)的聯(lián)邦政府和地方州政府都必須遵守。分拆開(kāi)來(lái),，每個(gè)德國(guó)聯(lián)邦州政府的結(jié)構(gòu)性赤字/GDP比例將不能超過(guò)0.15%,。對(duì)于德國(guó)很多聯(lián)邦州來(lái)說(shuō)，特別是那些位于德國(guó)西北部的一些聯(lián)邦州,，要執(zhí)行這樣的上限是不可能完成的任務(wù),。比如，德國(guó)人口最多的聯(lián)邦州北萊茵-威斯特法倫（North Rhine-Westphalia）,，2014年最多只能新承擔(dān)9億歐元債務(wù),，但事實(shí)上該州至少需要借33億歐元才能維持各項(xiàng)正常開(kāi)支。

????因此,，可以想見(jiàn)德國(guó)各聯(lián)邦州對(duì)必須要執(zhí)行新財(cái)政契約有多不樂(lè)意,。即便他們同意債務(wù)上限規(guī)定，如果沒(méi)有像希臘那樣的緊縮政策,，事實(shí)上他們也做不了什么來(lái)達(dá)到這一目標(biāo),。因此，上周末，德國(guó)聯(lián)邦政府和所有16個(gè)聯(lián)邦州坐下來(lái)試圖想出貫徹財(cái)政契約的辦法,。各個(gè)州對(duì)此意見(jiàn)并不統(tǒng)一,，預(yù)算赤字低的聯(lián)邦州反對(duì)任何形式的債務(wù)共擔(dān)。但令人意外的是他們居然最終達(dá)成了一致,，正好趕在本周關(guān)鍵的歐元區(qū)峰會(huì)之前,。

????While the markets fear the worst from this week's upcoming eurozone summit, recent developments inside Germany could provide some much needed optimism in the long-running European debt crisis. In a surprising reversal from her former position, German Chancellor Angela Merkel, agreed this week to effectively bail out Germany's 16 debt-ridden states and issue a common debt instrument, the Deutschland Bond. In exchange, the states agreed to give up certain fiscal powers to the federal government in Berlin, paving the way for Germany to form a stronger fiscal union with its eurozone counterparts.

????German officials have tried to downplay the significance of the state deal as it relates to the eurozone debt crisis, but its timing and structure doesn't seem like a coincidence. Merkel seems to be sending a message to her European counterparts that she is open to the idea of a similar debt-sharing arrangement across the eurozone. The state deal could be used as a template for creating a fiscal union and a common European debt instrument, known as a eurobond. Such an agreement would go a long way to stabilizing the crisis, allowing Europe to finally pick up the pieces and move on.

????Unlike other European nations that have a unitary governmental structure, where nearly all power is centralized in the capital, Germany is a federation, where power is distributed between the capital and its 16 states, similar to how power is divided in the United States. The German states have very strong budgeting powers, giving them the ability to tax and spend as they please, without the need for approval from the federal government in Berlin.

????Like many of the members of the eurozone, some German states have found it difficult to borrow money at low enough interest rates to continue funding their widening debt hole. To make matters worse, complying with the new EU fiscal pact, which is set to go into effect next year, will make it even more difficult for the states to fund themselves.

????Under the fiscal pact, which was agreed to by nearly all EU member states in January, countries are required to limit their total structural deficit to less than 0.5% of GDP. That means both Germany's federal and state governments must comply. When all split up, the state and local governments in Germany will only be able to run a structural deficit of 0.15%. For many of the states, most notably those in the northwest part of the country, adhering to those rules would be impossible. For example, North Rhine-Westphalia, Germany's most populous state, would be limited to taking on just 900 million euros in new debt in 2014, despite needing nearly 3.3 billion euros to stay afloat.

????The states were understandably upset about having to comply with a dictum coming from Brussels. Even if they were on board with the debt limits, there was really nothing they could do to comply, short of implementing the kind of austerity measures that crashed the Greek economy. So over the weekend the federal government sat down with all 16 German states to try and hash out a way to comply with the fiscal pact. There was dissention among the states, as those with smaller budget deficits opposed any form of debt sharing. But they surprisingly came up with a solution, just in time for the critical eurozone conference this week.