The European Financial Stability Facility in Luxemburg would become a socialist planning agency, organizing flows of public capital in Europe and thwarting markets’ allocative function. The consequence would be reduced growth, owing to a misallocation of scarce capital, and economic stagnation in the core areas.
但德国的同意对欧洲来说将是个灾难性后果。位于卢森堡的欧洲金融稳定基金将成为社会主义计划机构，组织欧洲内部的资本流，妨碍市场的配置功能。结果将是增长疲软（因稀缺资本的配置失当所致）以及核心国家的经济停滞。