Thu hai, ti le tdng trudng kinh te thap... Thu ba, ngdn sdeh vd cdn cdn thanh todn bi tham hut trien mien... viec trien khai cac bien phap "that l u n g buoc bung" trong boi canh gia nh
Trang 1N O C O N G B O B A O N H A V A N H C N G B A T C A P T R O N G
G I A I P H A P tfNG P H O C U A C H A U A U
N g cong cua cac nuac N a m chau A u ,
dac biet cua n h o m " P I G S " ( B d Dao Nha,
A i l e n , H y Lap va Tay B a n N h a ) dang l a m
tang them m o i lo ngai ve n g cong quoc te
cung n h u su on d i n h ciia t h i t r u o n g tai chinh
toan cau Sau H y Lap va A i l e n , Bo Dao N h a
- mot trong 17 nen k i n h te yeu nhat K h u vuc
Dong tien chung Chau A u - da t r d thanh
nude t h u 3 chinh thiic de xuat goi cuu t r g t r i
gia 80 t i E U R (khoang 115 t i U S D ) t u su
giiip do cua Lien m i n h Chau A u ( E U ) va
Quy T i e n te quoc te ( I M F ) trong cuoc hop
cap Bo t r u d n g T a i chinh (4/20110)
I K h u n g h o a n g n o cong v a n h i r n g ba t
on k i n h te - c h i n h t r j
Bo Dao N h a la nen k i n h te co siic canh
tranh yeu nhat trong k h u vuc dong E U R
K h o n g n h u A i l e n va H y Lap, nhirng kho
khan ve k i n h te ma B o Dao N h a gap phai da
hinh thanh tir thap k y trudc k h i tang t r u d n g
ciia Bo Dao N h a chi dat miic trung b i n h
1.3% trong giai doan 2000-2008 (so v d i miic
4 - 5 % ciia H y Lap va A i l e n ) nhung lai phai
chi tra phiic l g i cho n g u d i dan t u o n g d u o n g
P G S T S P h a m T h i T h a n h B i n h
r r Vien Kinh te vd Chinh tri The giai
T h s L e M i n h T a m
Hoc vien Khoa hocxa hdi
• • • *
vdi miic ciia cac nude chau Au giau va co
m i i c tang t r u d n g cao
T r o n g l i c h sir B o Dao N h a , da co 3 lan chinh quyen L i s b o n phai keu cau sir giup do
ciia cong dong quoc te: Ldn thu nhdt vao nam 1978, k h i m i i c t h a m hut ngan sach len
t d i 10% G D P Q u y T i e n te quoc te da buoc chinh quyen L i s b o n pha gia dong noi te (dong Escudo) den h o n 2 7 % de vuc day khu
vuc xuat khau; Ldn thu hai nam 1983, k h i
Bo Dao N h a phai d o i pho v d i nan lam phat phi ma ( 3 4 % / n a m ) , t i le that nghiep d miic
k y luc ( 8 , 8 % n a m 1985), sire mua ciia ngudi
dan g i a m 18%; Ldn thu ba nam 2011, Bo
Dao N h a buoc phai cau c u u sir t r g giup tai chinh ciia L i e n m i n h Chau A u va Q u y Tien
te quoc te sau gan m o t nam xoay sd de giai
quyet kho khan k i n h te t r o n g nude Bd Dao Nha hien dang phdi ddi mat vdi 3 kho khan ldn:
Thu nhdt, bdt on ve tdi chinh ciia B o
Dao N h a dugc canh bao ngay k h i cuoc
k h i i n g hoang n g cong dien ra d H y Lap (thang 4/2010) T u o n g t u H y Lap, m i i c n g
Trang 2Qlxf edug (Ba Dao Qlha 3 5
cua cac ho gia d i n h B o Dao N h a dugc coi la
cao nhat trong K h o i E U R , tham chi ngay ca
truac k h u n g hoang tai c h i n h toan cau 2008
Bo Dao N h a va H y Lap - hai quoc gia thuoc
vung D i a T r u n g H a i , deu b i coi la co tiem
nang tieu thu thap nhat K h u n g hoang n g
cong ngay cang co x u h u o n g tram trong hon
va hau qua d u o n g n h u cung nang ne h o n do
k h u n g hoang tai c h i n h toan cau B o D a o
N h a t i l p tuc r o i vao k h u n g hoang c h i n h t r i sau k h i T h u t u o n g Jose Socrates t u chuc do cac dang d o i lap l i e n ket cung chong lai chuong t r i n h cai each k i n h te khac kho do ong de xuat
Bang: D u bao mire t a n g n o cong cua B o D a o N h a g i a i d o a n 2010-2020
N a m T a n g
t r u o n g
G D P ( % )
T h a m h u t
n g a n sach ( % G D P )
N o cong ( % G D P )
T h a n h t o a n
l a i ( % )
Q u y e t t o a n so* bo
Ngudn: Radi Khasawwneh (2011), Chart of Day: Portugal's Unsustainable Debt Burden, Financial News, 22 Feb 2011
Thu hai, ti le tdng trudng kinh te thap
Tang t r u o n g k i n h te trung b i n h ciia Bo Dao
Nha chi dat d u o i 1 % / n a m trong suot thap k y
dau the k y X X I1, t r o thanh mot trong nhung
quoc gia co t i le tang t r u o n g k i n h te yeu nhat
chau A u T r o n g k h i A i l e n thu hut dugc nhieu
1 Trong su6t tir nam 2000 den nam 2008, ty le tang
trudng trung binh ciia Bo Dao Nha chi vao khoang
1,3%, trong khi GDP ciia Hy Lap tang 4%/nam va
Ailen tang 5% GDP
cong nghe cao n h o cac bien phap u u dai thue thi co cau k i n h te B o Dao N h a b i coi la lac hau do nuoc nay van chi dau t u vao cac nganh nghe truyen thong n h u nganh cong nghiep det may - ITnh vuc chiu nhieu sue ep tir cac nha san xuat chau A K i m ngach xuat khau ciia B o Dao N h a lien tuc giam sut T i le that nghiep ciia B o Dao N h a da tang len t o i
1 1 , 1 % (quy 4/2010) - miic cao nhat k l tir
Trang 33 6 NGHIEN CLfU CHAU AU - EUROPEAN STUDIES REVIEW N ° 0 6 (129).2011
nam 1998 N g h i e m trong hon, 7 0 % cac
khoan no cua B o Dao N h a la n o nuoc ngoai,
co nghTa B o Dao N h a kho long xoay x o hay
tri hoan no k h i dao han
Thu ba, ngdn sdeh vd cdn cdn thanh
todn bi tham hut trien mien B o Dao N h a b i
coi la mot trong n h u n g nen k i n h te k e m coi
nhat va co kha nang canh tranh yeu kem nhat
trong K h o i E U R N u o c nay kho co the v u o t
qua duoc k h o khan k h i t h a m hut ngan sach
hien da len t o i gan 10% G D P , no phai
thanh toan da len t o i 9 0 % G D P Theo bao
cao cua N g a n hang N h a t B a n N o m u r a , c h i
so ve kha nang canh tranh cua B o Dao N h a
thap h o n so v o i cua D u e t o i 2 4 % Trai
phieu chinh phu k y han 10 nam duoc ban ra
nam 2010 den nay da mat 18% gia t r i , buoc
cac nha dau t u quoc te phai ban tong ban
thao trai phieu, dan t o i bat on gia tang tren
thi truong tai chinh
C h i p h i vay m u o n cua B o Dao N h a tang
manh nam 2010 va hien dang 6 gan muc cao
nhat ke t u k h i dong E U R ra d o i T i n h trang
tai chinh bap benh cong them m o i lo ngai ve
kha nang kho tranh k h o i "vet xe d o " n h u H y
Lap va A i l e n la rihung l y do day t i le lai suat
trai phieu chinh p h i i 10 nam len t o i 7,8%
-day la muc cao k y luc trong K h u vuc dong
E U R va la muc lai suat duoc danh gia t i e m
an nhieu r u i ro d o i v o i phat trien ben v u n g ,
tham chi cao h o n ca m u c lai suat ma H y Lap
va A i l e n phai chap nhan truoc k h i nhan cuu
t r o v o n o tir E U va I M F ; V i vay chinh phii
B 6 Dao N h a buoc phai phat hanh trai phieu
de vay tien, uoc t i n h len den gan 70 t i E U R
M a c d i i chua v u o t qua kha nang tai chinh cua E U , song dieu lo ngai la k h i i n g hoang Bo Dao N h a se tao ra hieu i m g d o m i n o va neu
n h u Tay B a n N h a cung can t o i khoan vien
t r o t h i so tien do d i i tao ra " c u soc" ve tai chinh d o i v o i E U V i de c u u t r p Tay Ban Nha, nen k i n h te t r i gia 1.560 t i U S D , chi phi
se v u o t qua tong cac cuoc c u u t r o 6 chau A u truoc day va gay sue ep nang ne len nang lire tai chinh toan k h u v u c
L a i suat trai phieu c h i n h phu tang lam gia tang m o i lo ngai ve k h i i n g hoang no cong N u i n o cong ciia B o Dao N h a len den
143 t i E U R (khoang 200 t i U S D ) nam 2010,
t u o n g d u o n g 8 3 , 3 % G D P - cao h o n gioi han n p c o n g cho phep theo quy d i n h ciia
E U d d i v o i K h u v u c d d n g E U R ( 6 0 %
G D P ) N p c o n g cao t r o n g k h i nen k i n h te lai dang r o i vao t i n h t r a n g suy thoai va t i le that nghiep tang 1 1 , 1 % - mire cao nhat trong h o n 10 n a m qua, bien phap duy nhat de
B 6 Dao N h a thoat k h o i v o n g xoay t o i te nay
la tang c u o n g xuat khau T u y nhien, chinh sach xuat khau lai vap phai g i o i han tiep can
v o n , dieu k i e n vay m u p n kho khan B 6 Dao
N h a thua nhan k h o n g the c h i u dupe m u c lai suat cao keo dai neu E U k h o n g hanh dpng nhanh chong
Trang 4( fh/// (Bd <Dda Qdlta 3 7
Mure xep hang t i n n h i e m trai phieu cua
Bo Dao N h a x u o n g m u c B B B - muc dau t u
thap nhat N u a c nay b i xep hang sau ca
A i l e n , quoc gia dau t i e n y e u cau Q u y C u u
t r a v a n a C h a u A u t r g g i u p M o o d y ' s
Investors Service c u n g t u y e n bo se g i a m 2
bac t i n d u n g cua B o D a o N h a v i cho rang
cac muc t i e u g i a m n g v a t h a m hut cua B o
Dao N h a deu k h o co k h a nang t r a t h a n h
hien t h u c
T i n h den thang 4 / 2 0 1 1 , n g cong cua Bo
Dao N h a len t a i 286 t i U S D , bao g d m 86 t i
U S D n g Tay Ban N h a , n g D u e 47 t i U S D , n g
Phap 45 t i U S D va n g A n h 24 t i U S D D u
bao n g cong cua B o Dao N h a se vao khoang
gdn 100% G D P vao nam 2020 Mac d u tham
hut ngan sach cua B o Dao N h a nam 2010 a
muc 8 0 % G D P , k h o n g cao n h u cua H y Lap
(130% G D P ) va g i a i han co thd chdp nhan
dugc, nhung nhung yeu to bat l g i tren ciing
v a i 7 0 % cac khoan n g la n g nuac ngoai va
tang t r u o n g k i n h te cham (yeu nhat trong k h u
vuc chau A u ) , kha nang canh tranh thap (ndu
so sanh v a i D u e ) k h i e n ca hoi huy dong
lugng tien can thiet de tai tai t r g cho cac
nghTa v u quoc gia t r a nen vo cung kho khan
Bo Dao N h a kho co the xoay x a hay t r i hoan
n g dao han, v i vay c h i n h phii nuac nay luon
phai vay m u g n - chii yeu la vay tien ciia cac
nuac trong K h o i E U R de thanh toan cac
khoan chi tieu D o vay, muc tieu giam miic
boi chi ciia B 6 Dao N h a dat ra t i i 10% G D P
(2010) x u d n g con vao khoang 4 % (2011) kho co the thuc hien dugc
I I G i a i p h a p u n g p h o
De khac phuc t i n h trang n g cong, cac quoc gia phat trien t h u o n g ap dung 4 bien
phap sau: Mpt la, ha cdc muc ldi sudt nham
l a m g i a m n g cong Phap da thuc hien giai phap nay vao n h u n g n a m 1880 T u y nhien, giai phap nay hien kho co the thuc hien do
N g a n hang T r u n g u o n g nhieu nuac da g i a m miic lai suat den m i i c thdp nhat, tham c h i 0 %
n h u a M y ; Hai la, Nhd nude ciing cd the dung lam phat de gidm muc np Sau The
chien t h u H a i , A n h da ap dung l y thuydt cua Keynes, tao ra l a m phat nham lam giam ganh nang n g T u y nhien, l a m phat se lam cho lai suat ciia cac m o n n g m a i tang trong t r u o n g hop N h a nuoc b i bdt buoc phai vay them do ngan sach thieu hut trien m i e n va gay kho khan cho cuoc song ciia n g u a i dan, de doa su
on d i n h k i n h te vT m o ; Ba Id, ndng cao mice tdng trudng M y da ap dung giai phap nay sau chidn tranh l y khai (1861 - 1865); B6n
Id, tdng thue de lay tien trd no T u y nhien,
giai phap nay lai gay mat long dan
B o Dao N h a u n g pho v a i cuoc k h i i n g hoang tai c h i n h t o i te v o i nhung giai phap chinh bao g o m :
Thic nhdt, cat gidm cdc khoan chi tieu thong qua ke hoach "that lung buoc bung
Cho den nam 2010, c h i n h phii Bo Dao N h a
da ba lan dua ra cac kd hoach "that l u n g
Trang 53 8 NGHIEN C C u CHAU AU - EUROPEAN STUDIES REVIEW N ° 0 6 (129).2011
buoc b u n g " nham g i a m tham hut ngan sach
Tuy nhien truoc yeu cau thanh toan no 9 t i
E U R (khoang 13 t i U S D ) vao thang 6/2011
va muc tieu giam tham hut ngan sach tir
7.3% (2010) x u 6 n g 4 6 % (2011) va 3%
(2012) theo Q u y d i n h cua Hiep uoc
Mastricht chinh phii Bo Dao N h a tiep tuc de
xuat ke hoach "that l u n g buoc bung" lan t h u
t u (thang 3/2011) v o i hy v o n g cac bien phap
that lung buoc bung lien tiep n h u vay se giup
nuoc nay k h o n g phai cau v i e n den su giup
do quoc te T u y nhien viec trien khai cac
bien phap "that l u n g buoc bung" trong boi
canh gia nhien lieu va t i le lai ngay cang tang
da gay phan tac dung b o i cac bien phap cat
giam chi tieu nham thang vao tui tien cua
nguoi dan keo muc chi tieu ciia cac ho gia
dinh di xuong tao them cang thang trong xa
hoi va lam cho cuoc k h i i n g hoang k i n h te
them tram trong H a n g loat cac cuoc dinh
cong va bieu tinh no ra phan doi viec tang
thue cat giam l u o n g va phuc l o i xa h o i , yeu
cau chinh phia Bo Dao N h a thay d o i chinh
sach nham doi pho v a i t i n h trang that nghiep
dang ngay mot gia tang, dieu kien lam viec
bap benh doi v a i g i a i tre va muc song b i
giam silt Theo quan diem ciia Paul
K r u g m a n viec ap dung cac c h u o n g t r i n h
that l u n g buoc b u n g la m o t lua chon sai
l a m V i v o i viec tang thue va cat g i a m c h i
tieu C h i n h p h i i se tiep tuc day nen k i n h te
roi vao k h i m g hoang v o i nhung van de tren
thi t r u o n g viec lam
Thu hai, gidm tham hut ngdn sdeh thong qua tdng thue (den 23%) vd giam tien luong cong chuc nha nude xuong 5% Thang
3/2011, B o Dao N h a ap dung cat giam chi ngan sach va " d o n g bang" m o t ngay luong huu T h a m hut ngan sach cua nuoc nay da giam tir 9,4% (2009) x u 6 n g 7,3% (2010) va
d u bao khoang 4 6 % (2011) thong qua viec giam l u o n g , g i a m mire tran chi tieu cho cac chuong t r i n h x a h o i va tang thue V o i mire cat giam nay, t u y chua dat duoc muc tran tham hut ngan sach m a E U dua ra la 3%
G D P , nhung se tiet k i e m dugc cho ngan sach khoang 5 t i E U R ( t u o n g d u o n g 7 t i U S D )
T u y nhien, giai phap nay han che t i e m nang tieu diing t r o n g nuoc va k i m ham su tang
t r u o n g k i n h te, l a m cho nen k i n h te lam vao tinh trang d i n h don h o n
Viec cat g i a m chi tieu chua d i i de cho phep B o Dao N h a g i a m bot n g K i n h nghiem ciia Nhat B a n nam 1997 da chi ra rang, viec tang thue t i e u t h u da day k i n h te Nhat Ban
t r a lai suy thoai V i vay, viec that chat ngan sach co the phan tac dung, dac biet sau mot cuoc k h i m g hoang t r o n g he thong ngan hang
B o i vay, thay v i t i m each cat giam manh tham hut ngan sach 6 t h o i d i e m hien nay, chinh p h u cac nuoc giau can dua ra cam ket
se that chat ngan sach k h i nen k i n h te da phuc h o i ben \ u n g h o n va neu ro tham hut ngan sach se dugc g i a m x u o n g bang each nao, cam ket cai thien nen tai chinh cong
Trang 6QfLri eon(j (Bd Dao QUui 3 9
bang each cat g i a m chi tieu trong t u o n g lai,
thay v i danh thue cao h o n
Phan I o n cac quoc gia chau A u khong
con nhieu c a h o i de tang thue T a i nhieu
nuac thuoc chau luc nay, doanh thu tir thue
da len t a i m u c 4 0 % so v a i G D P Cai each
thue chi dac biet can thiet a nhung quoc gia
von da phu thuoc qua nhieu vao nguon thu
thue tir t h i t r u o n g tai c h i n h va dia 6c n h u
A n h va A i l e n N g a y tai M y , n o i doanh t h u
tir thue chi khoang 3 0 % G D P , viec tang
thue cung chua phai la giai phap t o i u u nhat
Do do, viec k i e m soat chi tieu cong nen
dugc dat o v i t r i u u tien, mac d i i van co co
hoi de tang thue
Thu ba, keu goi su cuu tra ciia Lien
minh Chdu Au (EU) vd Quy Tien te qudc ti
(IMF) T r o n g goi c u u t r g t r i gia 80 t i E U R
cho B 6 Dao N h a , I M F se ho t r g 1/3, phan
con lai la trach n h i e m ciia E U (Phap dong
gop 15 t i E U R , D u e dong gop khoang 22 t i
E U R ) T u y nhien, de d o i lay khoan c u u t r g
nay, Lisbon phai chap nhan mot so dieu kien
khac nghiet ve cai each k i n h te n h u cat
g i a m c h i tieu c o n g h o n nua, tang thue, day
nhanh tien t r i n h co phan hoa doanh nghiep,
cai each t h i t r u o n g lao dong, ho t r g cac
ngan hang yeu k e m cung n h u can doi kha
nang thanh toan trong k h u vuc tai chinh De
dap i m g dugc muc lai suat cua goi cuu t r g
4-5%, theo danh gia ciia T o chuc H o p tac va
Phat trien k i n h te ( O E C D ) , Lisbon phai bao
dam tang t r u o n g k i n h te trung b i n h 5%/nam mod co the thu hep dugc tham hut ngan sach
va dap u n g m u c tran 3% G D P theo quy d i n h ciia E U T u y nhien, tang t r u o n g k i n h te am ciia B o Dao N h a k h i e n muc tieu nay cang kho dat dugc
Thu tu, gidi phap khac nua md mpt so quoc gia phat trien cdn thuc hien la tdng tuoi nghi huu, qua do se tang doanh thu tir thue
(do n g u a i lao dong l a m viec trong t h a i gian dai hon) va cat g i a m chi p h i l u o n g h u u trong
t u o n g l a i Tac dong tieu cue tir khiing hoang
la day n g cong tang vot, nhung cung la co hoi de that chat k i e m soat chi p h i l u o n g h u u
va bao h i e m cho dan so dang lao hoa ciia ho
I I I N h i r n g b a t cap t r o n g g i a i p h a p
i r n g p h o
N h i r n g giai phap u n g pho v o i cuoc khiing hoang n g cong o chau A u n o i chung
va B o Dao N h a noi rieng dang gap phai nhung kho khan ca a trong nuac cung n h u a
k h u vuc
1 Khd khan trong nirdc cua Bd Bao Nha
M o i ciru t r g trong nuac deu phai dugc
su thong nhat thong qua ciia C h i n h phii cua
T h i i t u o n g B 6 D a o N h a va dang Dan chii X a hoi (SDP) T r o n g k h i C h i n h phii ciia T h u
t u o n g B o Dao N h a chii t r u o n g theo du6i cac chinh sach "that l u n g buoc b u n g " nham giam tham hut ngan sach va n g cong thi dang Dan
Trang 74 0 NGHIEN CtfU CHAU AU - EUROPEAN STUDIES REVIEW N ° 0 6 (129).2011
chu X a h o i da rat nhieu lan bac bo ke hoach
siet chat k i n h te cua C h i n h phu dan den sir
bat on ve chinh t r i , buoc T h u t u o n g B o Dao
N h a phai tir chirc (thang 3/2011) Ben canh
do, cac cuoc bieu t i n h lien tiep dien ra yeu
cau C h i n h phii k h o n g n h u g n g bo truoc cac
dieu kien khat khe de d o i lay goi cuu t r g tiep
tuc dien ra, tao sue ep Ion doi v o i chinh
quyen Lisbon
T h e m nua B o Dao N h a van chua nhan
dugc su thong nhat ve dieu kien cho vay tir
E U va I M F L a i suat do I M F de xuat doi v o i
khoan cuu t r g B o Dao N h a co sir u u dai h o n2
khien cac nuoc giau E U khong chap thuan
Goi cuu t r g tai chinh ciia E U cho Bo Dao
Nha can co su thong qua ciia ca 17 thanh
vien K h u vuc dong E U R (trong do co ca
Phan Lan) T u y nhien, n g u o i d i m g dau dang
Phan Lan da tuyen bo se phong toa ke hoach
ciru t r g Bo Dao N h a khien m o i lo ngai ve sir
iing ho goi cuu t r g tai c h i n h ciia E U cang gia
tang Ben canh do con ton tai lo ngai Tay
Ban N h a ciing se can ciru t r g de doi pho v o i
tinh trang n g cong b o i chi p h i de cuu Tay
Ban N h a se v u g t qua tong gia t r i cac ke
hoach ciru t r g ciia chau A u va thach thiic
tong lire tai chinh toan k h u vuc Mac d i i
A i l e n cung dang can them khoan cuu t r g mod
khoang 39 t i U S D m o i co the t r u dugc va
cho den nay E U van d i i nguon lire de lan l u g t
tung ra cac goi vien t r g , song neu cuoc
khiing hoang lan rong va E U k h o n g con dii siic duy t r i g o i c u u t r g , k h o i nay se phai doi dien vod sir sup do tai c h i n h
2 Nhirng bdt cap trong khu vuc chduAu
G o i giai phap toan dien cho van de ng cong va ngan chan k h i i n g hoang n g cong dang lan rong ra toan k h u vuc chau A u do vay can co giai phap toan dien do E U hau thuan T u y nhien, chau A u dang phai doi mat
v o i m o t so kho khan, can t r d sir nhat t r i trong ban lanh dao E U N h u r i g bat cap do la:
Thu nhdt, mau thuan ve phuong thiic gidi quyet na cdng H a i quoc gia co nhieu
anh h u d n g t r o n g m o i quyet d i n h tai chinh ciia E U la D i i c va Phap yeu cau cac quoc gia trong k h u vuc phai trien khai cac chinh sach
k i n h te giong nhau va tuan t h u cac nguyen tac ve thoa thuan canh tranh D i i c dat quy dinh m i i c t h a m hut ngan sach N h a nude (mire tran 3% G D P ) va n g cong ( 6 % GDP) thanh luat quoc gia va phai dua vao Hien phap hoac k h u n g luat phap ciia cac thanh vien E U T u y nhien, de xuat ciia hai nen kinh
te dau tau k h u v u c vap phai sir phan doi ciia cac thanh v i e n nho h o n v i cho rang ke hoach
do tudc mat quyen t u quyet ciia ho
Thu hai, su bdt cap trong viec gop vdn vao Quy Cuu tra Ngdn han ciia EU (EFSF) 3
ciing nhu phuong thuc vd quyen han sic dung
1 Miic lai suat ciru trg cho Bo Dao Nha thap hon muc
ciia HY Lap va thdi han lai dai hon
3 European Financial Stability Facility (EFSF): Co che On dinh tai chinh
Trang 8Old tdi i f / (Bd r Odo Qlha 4 1
von ciia Quy Ciru trg dai hgn ESM 4
V a n de
kho t i m dugc sir dong thuan nhat la viec gop
vdn EFSF t r i gia khoang 440 t i E U R ( t u o n g
duong 610 t i U S D ) v a i t h a i han hoat dong 3
nam, nhung den thang 3/2011, cac nuac m a i
chi dong gop dugc 5 0 % tong so T r o n g k h i
do, cac Bo t r u o n g T a i chinh cua 27 nuac
thanh vien E U lai quyet d i n h tang gap d o i
kha nang cho vay thuc te cua E S M D u e va
Phap, nhung quoc gia dong gop nhieu nhat
cho Quy EFSF, nhat t r i iing ho viec rao rong
Quy nhung v a i dieu k i e n phai dugc diing
E S M de mua trai phieu chinh phii ciia cac
nuac sir dung dong E U R tren t h i t r u o n g ma
T u y nhien, yeu cau nay ciia Dire va Phap lai
gap phai su chong d o i ciia cac nen k i n h te
khac trong k h u vuc b o i le ho cho rang bien
phap nay co the l a m chech h u o n g cac no luc
giam sat ciia U y ban Chau A u ( E C ) Cac co
quan k i n h te co tham quyen ciia E U da kien
nghi nang quy m o Q u y C u u t r g V o n g ciia
E U tir 440 t i E U R hien nay len 1.000 t i E U R ,
vi Bo Dao N h a co the chua phai la "quan co
d o m i n o " cuoi ciing Cac B o t r u o n g T a i chinh
chau A u ngay 21/3 da dat dugc su dong
thuan ve cac p h u o n g thiic ciia C o che O n
dinh Chau A u5, m o t dang quy c u u t r g tai
chinh thuong true v o i so v o n co ban len t o i
700 t i E U R nham tranh de tai dien cac cuoc
khiing hoang tai chinh trong t u o n g lai, (trong
4
European Stabiltiy Model (ESM): Co che On dinh
Chau Au
5 Co che On djnh Chau Au thay the cho Quy Binh on
Tai chinh Chau Au tri gia 440 ti EUR hien nay
do 80 t i se dugc dong gop truoc va cac nuoc thanh vien K h 6 i E U R cam kdt dong sau 620
t i E U R nham dam bao t i le t i n dung cao nhat
co the)
Thu ba, su khde biet vi toe dp tdng trudng kinh ti giua cdc nude thanh viin dugc xem la mpt trong nhung thach thirc ldn hien nay ddi vdi EU D i i c va m o t so thanh
vien nho h o n co m i i c tang t r u o n g tot h o n trong k h i m o t so thanh v i e n khac b i tut hau
N a m 2010, tang t r u o n g G D P ciia D i i c dat 3,4% (gan gap d o i so v o i m i i c trung b i n h ciia
k h u vuc dong tien chung chau A u , khoang 1,8%); X l o v a k i a dat 4 , 1 % G D P ; T h u y D i e n dat m i i c cao nhat 4,8%> G D P ; Phap va A n h 6 miic trung b i n h 1,8% N h o m cac nuoc co toe
do tang G D P thap nhat la H y Lap (-4,2%);
A i l e n (-0,2%) Theo danh gia ciia nha k i n h te
M y N R u b i n i , E U kho co the t i m dugc giai phap cho k h i i n g hoang n g cong b o i quyet dinh tang lai suat ciia N g a n hang T r u n g u o n g Chau A u ( E C B ) se t h o i bong "qua bong n g
c o n g " a n h u n g n u a c co n g u y c a r a i vao
v o n g x o a y k h i i n g hoang n h u B o D a o N h a ,
T a y B a n N h a , I t a l i a T r o n g k h i H y L a p
va A i l e n - hai quoc gia h i e n dang sir d u n g
g o i c u u t r g ciia E U v a Q u y T i d n te Qudc td
I M F - y e u cau d a m phan, t h u o n g l u g n g lai cac d i e u k h o a n ciru t r g D o n g thai nay
k h i e n cac n u o c E U t h e m k h o khan t r o n g viec t i m k i e m su nhat t r i ve m o t giai phap toan d i e n cho k h u v u c
Trang 94 2 NGHIEN CLfU CHAU A U - EUROPEAN STUDIES REVIEW N ° 0 6 (129).2011
Thu tu, su chia re trong ndi bp khu vuc
chdu Au ngay cdng tdng Cang b i k h i i n g
khoang, L i e n m i n h Chau A u va Eurozone
cang b i "chia re" k h i nhieu quoc gia co nen
k i n h te on d i n h lai phai chung tay ganh vac
cac quoc gia gap k h i i n g khoang M o i giai
phap deu lien quan va phai co sir dong thuan
ciia cac nuac thanh v i e n , nhung thuc te
khong phai luc nao su dong thuan cung d
miic cao nhat
D u k h o n g m u o n n h u n g phai thua nhan,
trong qua trinh h i n h thanh va phat trien cua
E U va Eurozone, k h i i n g khoang n g cong la
t h i i thach l a n nhat m a E U va Eurozone gap
phai H a n the nua, day la khiing khoang
chua co tien le va do vay chua xac d i n h dugc
dac diem cung n h u q u i luat ciia "can bao"
khiing hoang T h e m nua, tang t r u d n g ciia E U
va Eurozone d m i i c thap (khoang 1,5%)
trong k h i l a m phat lai tang cao (khoang
2,6%) K h i tang t r u d n g thap can phai lai
suat thap va n d i l o n g t i e n te K h i l a m phat
tang cao, l a i suat l a i d c h i e u ngugc l a i
D i e u nay giai t h i c h tai sao k i n h te L i e n
m i n h Chau A u va Eurozone k h o dat dugc
m i i c tang t r u d n g cao C h i i t r u a n g tang lai
suat t u 1 % len 1,25% (4/2011) ciia N g a n
hang T r u n g u o n g Chau A u ( E C B ) khang
dinh muc tieu ngan chan l a m phat cao h a n
muc tieu tang t r u d n g B d i v i , d o i v d i L i e n
m i n h Chau A u va Eurozone, l a m phat la van
de nguy h i e m va n g h i e m trong nhat va can
phai giai quyet triet de M u c tang lai suat len
1,25% chua phai la c u o i cung, E U va Eurozone se phai l a m quen v d i viec tang lai suat trong t u o n g l a i
T o m l a i , t r i e n v o n g k i n h te va su on dinh tai c h i n h cung n h u cuoc k h i i n g hoang n g cong n g h i e m t r o n g hien nay ciia L i e n m i n h Chau A u dang la m o i de doa l d n nhat doi v d i
su phuc h o i k i n h te toan cau De giai quyet nhung bat o n nay, E U can co giai phap toan dien g o m ca tai c h i n h cong, siic canh tranh ciia nen k i n h te va ca che on d i n h trong
t u o n g l a i T u y nhien, giai phap nay se khong the dat dugc neu t u n g quoc gia E U van tiep tuc dat l g i i c h ca nhan l d n h o n muc tieu chung ciia k h u v u c
T a i l i e u t h a m k h a o c h i n h
1 Jay S u r t i n (2010), Managing Public Debt and Its Financial Stability Implication,
International M o n e t a r y Fund ( I M F ) ,
W o r k i n g Paper N o 10/280, December 2010
2 Radi Khasawvvneh (2011), Chart of Day: Portugal's Unsustainable Debt Burden, Financial N e w s , 22 Feb 2 0 1 1
3 C h u H o n g T h i n g (2011), Thach thuc vdi Bd Dao Nha thdi "hdu gidi cuu", Bao
N h a n D a n , s6 16 (17/4/2041)
4 Public Debt Management Strategy 2011-2013, M i n i s t r y o f Public
Finance, General Directorate f o r Treasury and Public Debt, 2010
5 W o r l d B a n k (2010), Managing Public Debt: From Diagnostics to Reform Implementation, W o r l d Bank Publication