European Monetary Union: Recent evolution and perspectives

ABSTRACT This paper discusses the uniqueness and the stability of the proposed model for the European Monetary Union - EMU, pointing out some of the difficulties faced in its implementation and the chances of surpassing them. It also suggests how all the points of European monetary integration - central bank independence, balanced budget and stability of the exchange rate within a certain band of fluctuation - are sustained upon the proposition that economy founds auto-adjustment since there is flexibility of wages and prices and the State’s intervention remains as short as possible. Thus, the need of convergence of economic and financial EMU’s criterion and the sufficiency of its achievement to a greater development of Europe in face of other countries bring the discussion back to the theoretical paradigm.

摘要 本论文探讨了针对欧洲货币联盟（European Monetary Union, EMU）所提出的模型的独特性与稳定性，同时指出了该模型在实施过程中面临的若干难点，以及攻克这些难点的可能性。本文还阐释了欧洲货币一体化的各项核心要求——包括中央银行独立性、平衡预算，以及特定波动区间内的汇率稳定性——均依托于以下命题：由于工资与价格具备弹性，且国家干预应尽可能维持在最低限度，经济可实现自动调节。因此，欧洲货币联盟经济与金融趋同标准的必要性，以及达成该标准对于欧洲在与其他国家的竞争中实现更长足发展的重要意义，将本次讨论重新拉回了理论范式的范畴。