ADB亚洲开发银行：2026年货币联盟的财政规则：欧洲对中华人民共和国的启示（英文版）

Drawing on evidence from PRC province-level administrative divisions, European Union member states, and German Länder, the paper highlights common challenges in decentralized systems in currency unions: opaque liabilities, uneven fiscal capacity, political constraints, and enforcement issues. The analysis shows that while fiscal rules can support discipline, they must also avoid complexity, procyclicality, and loss of legitimacy. The paper argues for context-specific, adaptable debt-sustainab