????根據(jù)協(xié)議，德國(guó)各聯(lián)邦州將向德國(guó)聯(lián)邦政府和歐盟上交部分財(cái)政自治權(quán),，以此換取債務(wù)壓力的減輕,。該計(jì)劃包括德國(guó)聯(lián)邦政府將向各州一次性轉(zhuǎn)移現(xiàn)金5.8億歐元，緩解預(yù)算缺口,。另外,，原先由州政府承擔(dān)的日托服務(wù)和一些養(yǎng)老護(hù)理支出也將轉(zhuǎn)至聯(lián)邦政府，幫助州政府減輕大筆開支壓力。最后是發(fā)行德國(guó)聯(lián)邦/州聯(lián)合債券——這可是首次出現(xiàn)此類債券,，因此德國(guó)人創(chuàng)造性地稱其為“聯(lián)邦州債券”,，簡(jiǎn)稱D債券。

????計(jì)劃細(xì)節(jié)依然不明,，包括D債券將如何發(fā)行,，如何銷售。如果由聯(lián)邦州發(fā)行,，那么債務(wù)仍會(huì)堆積在州政府層面,。這樣雖然能解決發(fā)行問題，因?yàn)槁?lián)邦政府會(huì)填補(bǔ)任何損失,，但降低了聯(lián)邦州政府的融資利率,，并不能解決其預(yù)算赤字問題。

????不過,，聯(lián)邦州協(xié)議依然具有重要意義,。它顯示了柏林政府確實(shí)愿意通過承擔(dān)他人債務(wù)，換取更大的財(cái)政權(quán)力,。也說明德國(guó)人愿意參與進(jìn)來,，在歐洲建立一個(gè)更緊密的財(cái)政聯(lián)盟。

????但聯(lián)邦州協(xié)議公布后,，德國(guó)財(cái)長(zhǎng)朔伊布勒告訴記者,，這并不意味著德國(guó)一定會(huì)支持在歐元區(qū)達(dá)成類似方案。他說：“……只要各國(guó)政府掌握決策,，他們就必須負(fù)責(zé),。如果你花錢，我買單,，你就不會(huì)懂得節(jié)約,。”

????這當(dāng)然說出了目前歐元區(qū)成員國(guó)爭(zhēng)論的核心,。如果他們還想在歐元區(qū)層面把現(xiàn)有的債務(wù)匯總起來或發(fā)行新的債券,，他們必須全都同意，自愿將一些（如果不是全部）財(cái)政決策權(quán)交給一個(gè)更加審慎的中央決策機(jī)構(gòu),。

????市場(chǎng)對(duì)于歐元區(qū)領(lǐng)導(dǎo)人能否同意這樣的安排沒有多少信心,，但德國(guó)的聯(lián)邦州協(xié)議提供了一些希望。德國(guó)國(guó)內(nèi)的權(quán)力和債務(wù)轉(zhuǎn)移,，顯示還是有可能達(dá)成一定的妥協(xié),，把以前對(duì)立的國(guó)家團(tuán)結(jié)在一起，為了更高的利益共擔(dān)債務(wù),。德國(guó)歷史上有過多次這樣的經(jīng)歷,，從1871年的首次統(tǒng)一，到最近的1990年的東西德合并。兩次都是經(jīng)濟(jì)好的地區(qū)幫經(jīng)濟(jì)差的地區(qū)分擔(dān)壓力,，最后形成一個(gè)更強(qiáng)大的國(guó)家,。德國(guó)已多次表示它愿意行動(dòng)起來。它只是在等待歐元區(qū)其他國(guó)家加入,。

????譯者：早稻米

????Under the agreement, the states would surrender some of their fiscal autonomy to the federal government and the European Union, in exchange for some major debt relief. This plan would encompass a one-time transfer of cash of 580 million euros from the federal government to the states to alleviate budget shortfalls. It would also transfer day care and some elderly care funding from the state level to the federal level, taking a large funding burden off the states. And lastly, it would involve the issuing of a joint federal/state bond – the first of its kind, which the Germans so originally are calling "Deutschland bonds," or simply, D-Bonds.

????The specifics of the plan are hazy as it is still unknown how D-Bonds would be issued and distributed. If they are issued by member states, then that debt will still pile up at the state level. While that would solve the issuing problem, as the federal government would backstop any losses, lowering state borrowing rates doesn't solve the state budget deficit problem.

????In either case, the agreement is still significant as it showed that the federal government in Berlin is indeed willing to underwrite others' debts in exchange for greater fiscal power. It also shows that Germans are willing to play ball when it comes to forming a tighter fiscal union with Europe.

????But German Finance Minister Schaueble told reporters after the agreement was announced that the agreement did not mean that Germany would necessarily back a similar arrangement at the eurozone level, noting that, "...as long as the national states make the decisions, they have to be liable. If you can spend money on my tab, you won't be thrifty."

????That of course goes to the heart of the dispute currently vexing eurozone leaders. They must all be willing to voluntarily give up some, if not all, of their fiscal decision-making power to a prudent central authority if they ever hope to pool their existing debt or issue new debt at the eurozone level.

????The markets don't have much faith that eurozone leaders will ever agree to such an arrangement, but the German story offers some hope. The transferring of power and debt within Germany shows that it is possible to hash out a compromise. It also shows that it is possible for former warring nations to come together and share each others' burdens for a greater good. Germany has done it many times in its history, from its first unification in 1871 to its most recent unification in 1990. Both times, richer states took on the burdens of weaker states but later emerged as a much-stronger nation. Germany has shown again and again it is willing to step up to the plate. It is just waiting for the rest of the eurozone to play ball.