From this predicament stems the fashionable idea that the bond market would actually welcome less fiscal austerity, because this would boost economic growth, in turn making the level of public debt appear more sustainable in the long run. It is no surprise that Moscovici is beginning to push for a “collective European decision” to relax the fiscal treaty’s terms, given that French compliance would require massive new spending cuts.
在这种困境中催生出一种流行理念：债券市场实际上欢迎更少的财政紧缩，因为这样才能促进经济增长，从而使公共债务水平在长期上显得更可持续。所以莫斯科维奇开始努力争取“欧洲集体决策”以放宽财政条约条款的做法就并不奇怪，尤其是考虑到法国许下的承诺将需要新一轮的大规模开支削减。