This implicit subsidy not only costs each country’s taxpayers billions of euros; it also distorts competition, because not all implicit subsidies are created equal. Regardless of its fundamentals, a German bank would be considered safer than an Italian one, because the German government’s implicit guarantee is much more valuable than the Italian government’s.
不幸的是，这不仅仅是德国和法国的问题。所有市场参与者都知道，欧盟政府不会让大银行倒闭。这一暗补不仅花费了各国纳税人数十亿欧元；还扭曲了竞争，因为非所有暗补都是公平的。不论基本面，德国银行会被认为比意大利银行安全，因为德国政府的隐含担保比意大利政府的有价值得多。