双语外刊阅读：在经济上，欧洲不应该照搬美国当下经济模式

说明：本篇外刊文章，选自2023年10月14日的TE文章。扫码加Kevin老师微信，即可每周第一时间获取最新的TE外刊。

A bad example 一个坏榜样

Europe should not copy Bidenomics

欧洲不应照搬拜登经济学

It needs a deeper, greener single market—not more state handouts
它需要一个更深入、更环保的单一市场，而不是更多的国家施舍

IT IS NOT hard to see why Europe feels the urge to copy President Joe Biden’s economic policies. The loss of cheap Russian fossil fuels has made the clean-energy transition feel like a matter of national security. Germany, Europe’s biggest economy, fears its automotive industry will lose market share to state-subsidised electric carmakers in China and America. And the euro zone’s economy is increasingly falling behind America’s. As we report, the worst-suffering European economies are grappling with inflation of over 10%, rapid ageing, high public and private debts and exposure to autocracies. This week the IMF said the euro-zone economy would grow by only 0.7% in 2023. It expects America to grow three times as fast.
不难理解为什么欧洲会有模仿乔-拜登总统经济政策的冲动。俄罗斯失去廉价化石燃料后，清洁能源转型就像一个事关国家安全的问题。作为欧洲最大的经济体，德国担心其汽车工业的市场份额会被中国和美国的国家补贴电动汽车制造商夺走。欧元区的经济正日益落后于美国。正如我们所报道的那样，受苦最深的欧洲经济体正在努力应对超过10%的通胀率、快速老龄化、高额的公共和私人债务以及面临专制的风险。本周，国际货币基金组织表示，欧元区经济在2023年将仅增长0.7%。它预计美国的增长速度将是欧洲的三倍。

Europeans increasingly see Biden-style industrial policy as the answer. The EU has loosened state-aid rules that restrict subsidised investment, and aims to set targets for the bloc’s production of green goods. France and Germany are at loggerheads over how (not whether) to subsidise electricity for industrial users. Britain’s Labour Party, which will probably form its next government in 2024, also aims to spend lavishly on industry.
欧洲人越来越将拜登式的产业政策视为答案。欧盟已经放宽了限制补贴投资的国家补助规则，并旨在为集团的绿色产品生产设定目标。法国和德国在如何（而非是否）为工业用户提供电力补贴的问题上针锋相对。可能将于 2024 年组建下届政府的英国工党也打算在工业领域大肆挥霍。

Yet copying Bidenomics is a mistake. As in America, luring manufacturing with subsidies will waste money and, over time, encourage firms to compete for subsidies rather than customers. And though it is true that France, whose dirigiste economic philosophy is in the ascendant in Brussels, has had some successes with industrial policy, the web of institutions and norms that restrain the excesses of French interventionism are difficult to copy—just as Germany’s economic model could not be transplanted elsewhere when it was held up as a paragon.
然而，照搬拜登经济学是一个错误。与美国一样，用补贴吸引制造业会浪费资金，而且随着时间的推移，会鼓励企业争夺补贴而不是客户。虽然法国在工业政策方面确实取得了一些成功，但制约法国过度干预主义的制度和规范网络难以复制--就像德国的经济模式在被奉为典范时无法移植到其他地方一样。

Europe’s recent experiences are in fact a case study of the power of markets. After Russia invaded Ukraine, German industry claimed that the loss of Russian gas would cause an economic catastrophe. Instead, industrial production held up as firms quickly adapted. Unlike America, the EU already has a uniform carbon-price mechanism in place. After a rocky start in the 2000s the emissions-trading scheme (ETS) has in recent years become the gold standard for carbon pricing, incentivising the private sector to find the most efficient ways to cut emissions.
欧洲最近的经历实际上是市场力量的一个案例研究。俄罗斯入侵乌克兰后，德国工业界声称，失去俄罗斯天然气将导致经济灾难。相反，由于企业迅速做出调整，工业生产得以维持。与美国不同，欧盟已经建立了统一的碳价格机制。在经历了 2000 年代的艰难起步之后，排放交易计划（ETS）近年来已成为碳定价的黄金标准，激励私营部门寻找最有效的减排方式。

The best policies for Europe would build on its past market-friendly approach. The EU should foster a common and contested green single market—including services and capital—which means restraining state aid. It should let the carbon price for new sectors increase faster than planned, and get serious about a climate dividend for citizens. And it should trade freely with allies so that the vast tasks of decarbonisation, de-risking sensitive supply chains and boosting defence can be undertaken at the lowest cost. The EU would be neither more secure nor richer if it had national champions producing 27 different types of tank.
欧洲的最佳政策将以其过去的市场友好型方法为基础。欧盟应建立一个共同的、有争议的绿色单一市场--包括服务和资本--这意味着要限制国家援助。它应该让新行业的碳价格比计划的增长更快，并认真对待公民的气候红利。欧盟还应与盟国进行自由贸易，以便以最低成本完成去碳化、降低敏感供应链风险和加强国防等艰巨任务。如果欧盟拥有生产27种不同类型坦克的国家冠军，那么它既不会更安全，也不会更富裕。

To boost growth, new government spending should focus on infrastructure, not handouts. Germany should fix a railway system that has rotted to the point of collapse. France should stop blocking interconnectors that could channel solar power from sunny Spain to the rest of Europe. And governments could write procurement rules that insist on greenery or security but which respect the single market and the principles of free trade.
为了促进经济增长，新的政府支出应该集中在基础设施建设上，而不是施舍。德国应该修复已经腐烂到濒临崩溃的铁路系统。法国应该停止阻挠互联线路，因为这些线路可以将太阳能从阳光明媚的西班牙输送到欧洲其他国家。政府可以制定采购规则，坚持绿色或安全，但要尊重单一市场和自由贸易原则。

It might be tempting for Europeans to think that if America is protectionist, everyone else must follow suit or be left in the dust. Actually, America’s long-running economic advantage over the rest of the world stems from the fact that it has been more committed to markets, not less. That makes its recent turn towards statism an aberration rather than an example to follow. ■
欧洲人可能很容易认为，如果美国实行保护主义，那么其他国家也必须效仿，否则就会被甩在后面。事实上，美国长期以来对世界其他国家的经济优势源于它对市场的承诺更多，而不是更少。因此，美国最近转向国家主义只是一种反常现象，而不是学习的榜样。■

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