欧元区银行监管机构难以如期成立

European leaders, who last week set an end-of-the-year deadline to create a new policeman to oversee euro-zone banks, have set themselves an ambitious timetable that some officials admit they will struggle to meet.

欧洲领导人上周决定年内成立一个新机构来监管欧元区的银行，但一些官员承认，这个艰巨任务将很难如期实现。

The decision will ignite fierce debates about the role of the new supervisor, set off turf battles over who should hold the new powers, and raise questions about whether the European Union's single market in financial services can survive.

上述决定将引发对这一新的监管机构应扮演何种角色的讨论，并导致各方围绕应该由谁来掌握这些新的监管权力产生争斗，还会令人对欧盟在金融服务方面的统一市场能否继续维系下去产生怀疑。

Setting up a powerful euro-zone banking supervisor, a significant move toward closer economic union within the 17-nation currency bloc, was a German condition for its agreement to allow the bloc's bailout fund to recapitalize banks without first lending the money to their host government.

成立一家拥有实力的欧元区银行业监管机构是德国提出的一项先决条件，只有满足这一条件，它才同意允许欧元区救助基金无需向某一欧元区成员国政府贷出资金就能对该国的银行业进行资产重组。成立这一监管机构是欧元区成员国朝加强经济一体化迈出的重要一步。

Bypassing governments is meant to help Spain, where worries have mounted that Madrid is becoming overloaded with debt as it tries to shore up its struggling banks.

绕过成员国政府行事的目的是为了帮助西班牙。在西班牙，人们十分担心马德里在扶助陷入困境的国内银行业时担负了过多的债务。

'There is a pressure to move ahead relatively quickly,' said one senior finance official from a euro-zone country. He added that even under the best of circumstances, getting the supervisor up and running would take nine to 12 months.

欧元区某国一位高级财政官员说，现在需要相对快速地推进此事。他还说，即便是在最好的情况下，成立欧元区银行业监管机构并让它运转起来，也需要用上9到12个月的时间。

The leaders hinted strongly that the European Central Bank would take on the new role, a shift they said could take place without the time-consuming and risky process of changing EU treaties.

欧元区各国的领导人强烈暗示欧洲央行将承担这个新角色。他们说，这样一种改变不需要耗时而又冒险地修改欧盟条约就可以实现。

The argument in favor of giving it to the ECB, said Nicolas Veron of Bruegel, a Brussels-based think tank, is that it is a strong, well-established institution. There is also a 'synergy,' he said, between policing banks and acting as lender of last resort to banks in a crisis.

布鲁塞尔智库Bruegel的贝隆(Nicolas Veron)说，将新角色交给欧洲央行的理由在于它是一家强大而成熟的机构。他说，在发生危机的情况下，承担起监管银行的责任与充当最后贷款人角色之间也存在一种“协同关系。

However, that isn't settled yet. Some officials in the European Commission -- the EU executive that will be an important architect of the plan -- and some national banking authorities, have their doubts about concentrating this power in the ECB, said Mujtaba Rahman, an analyst with Eurasia Group in New York. Even ECB officials don't have a common position on whether bank supervision is an appropriate role for the central bank.

但这事还没有确定下来。欧亚集团(Eurasia Group)驻纽约分析师拉赫曼(Mujtaba Rahman)说，欧盟执行机构欧盟委员会(European Commission)的部分官员和一些欧盟成员国的银行监管部门对于将新权力集中于欧洲央行存有顾虑。就连欧洲央行的官员们对于该行是否适合扮演银行业监管机构的角色也没有形成共识。

Those within the bank who back the proposal, such as Vice President Vitor Constancio, say the ECB already has the resources and infrastructure in place to perform this function. Fourteen of the 17 national central banks that make up the euro already have supervisory responsibilities, giving them deep knowledge of their domestic banking systems.

欧洲央行副行长康斯坦西奥(Vitor Constancio)等支持这个提议的欧洲央行官员认为，欧洲央行已经拥有承担起银行业监管职能所需的资源和基础架构。欧元区17国当中，已有14个国家的央行拥有监管银行业的职责，它们对自己国内银行系统的状况有着深刻了解。

The ECB also has a stake in the health of euro-zone banks, which are critical to the transmission of the central bank's monetary policy into consumer and business activity.

欧元区银行业的健康状况也关系到欧洲央行自身的利益，因为在欧洲央行货币政策向消费者和企业活动传导的过程中，银行发挥着至关重要的作用。

But skeptics, led by Germany's central bank, worry that a supervisory role would make it harder for the ECB to achieve its primary function: maintaining price stability. The Bundesbank -- which supervises German banks along with the country's bank regulator BaFin -- sees a potential conflict between supervision and monetary policy, said a person familiar with the matter.

但以德国央行(Bundesbank)为首的怀疑派担心，承担监管职责将使欧洲央行更难发挥其保持物价稳定的首要职能。德国央行和德国银行监管机构BaFin一道监管着德国银行业，据一位知情人士说，德国央行认为银行业监管工作与货币政策制定之间可能存在冲突。

Concentrating more power with the ECB risks making the bank 'the most powerful and least accountable of all central banks,' said Sony Kapoor, managing director of the Re-Define financial think tank.

金融智库Re-Define的董事总经理卡普尔(Sony Kapoor)说，将更多权力集中在欧洲央行手中，可能会使它成为所有中央银行当中权力最大而责任最小的一家。

For instance, if ECB bank supervisors identify funding problems at specific banks, the central bank may come under pressure to provide more loans to institutions throughout the euro zone, which could lead to inflation.

比如，如果欧洲央行的监管人员发现某些银行存在融资问题，那么它可能就得提供更多贷款给整个欧元区的金融机构，而这有可能引起通货膨胀。

One key question is which banks the euro-supervisor should regulate. Many experts think the supervisor should police only 'systemic' banks -- those large enough to have an impact on the euro-zone's financial system as a whole. 'It would be ridiculous for the euro zone to take over responsibility for the supervision and conduct of business of thousands of banks,' said Graham Bishop, an adviser on European financial regulation.

一个关键问题在于拟议中的监管机构应监管哪些银行。很多专家认为这家监管机构只应负责“系统性的银行，也就是规模足以对整个欧元区金融系统产生影响的银行。欧洲金融监管事务顾问毕晓普(Graham Bishop)说，让欧元区承担数千家银行的监管及经营责任将是荒谬的。