欧元区是最优货币区吗?

IF 3 Q1 ECONOMICS
Marek Louzek
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引用次数: 0

摘要

本文的目的是找出欧元的过去,现在和未来。第一部分介绍了欧元作为一种具有启发性的货币实验。第二部分分析了欧元区的经济表现。第三部分指出了欧元区内部的矛盾。第四部分解释了欧元区为何不是最优货币区。第五部分概述了围绕欧洲央行购买债券的争议。第六部分提出了是否仍有可能拯救欧元的问题。欧元区并非最佳货币区。从理论上讲,只要实现劳动力的高度流动性,工资可向下灵活调整,不发生不对称冲击,并且有一个稳定的国家财政体系,辅以有效的财政补偿体系,它就有可能成为一个国家。由于这些条件没有得到满足,欧元就成了成员国的陷阱。欧元没有起到欧元区经济发展趋同的效果;恰恰相反,它产生了分化效应。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Is the Eurozone an Optimum Currency Area?
The objective of this paper is to find out the past, the present and the future of the euro. The first part presents the euro as an edifying currency experiment. The second part analyses the economic performance of the euro area. The third part points out the internal conflicts inside the eurozone. The fourth part explains why the eurozone is not an optimum currency area. The fifth part outlines the controversy around the purchase of bonds by the ECB. The sixth part poses the question whether it is still possible to save the euro. The eurozone is not an optimum currency area. In theory, it could become one, provided that high mobility of labour is achieved, wages are flexible downwards, asymmetrical shocks do not occur and there is a stable system of national finances, supplemented by an effective system of fiscal compensations. Since these conditions are not met, the euro has become a trap for the member states. The euro has not had the effect of converging economic development in the eurozone; quite the opposite, it has had a diverging effect.
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