To be clear, this is not an argument for Germany’s dreaded “transfer union” – ongoing transfers to countries like Greece. It is an argument for temporary transfers to countries like Spain, which balanced its budgets prior to the crisis but then was hit by the housing slump and recession.
需要澄清的是，这并不是说要建立一个“转移支付同盟”，像希腊那样的国家持续转移支付——德国人就怕这个。而是说，向那些在危机前预算平衡，却受到房地产崩盘和经济衰退冲击的国家，比如西班牙，提供临时转移支付。而且，这种财政互保是双向的。