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欧元的第一个20年

坎布里奇—自二十年前被引入以来,欧元面临了严重的挑战。到目前为止,它安然无恙地活着。但是,在这一共同货币迎来20周年之际,有必要看看他遇到了什么问题,最好还能从过去的错误中汲取教训。

第一个关键问题是将共同货币应用于大量不同的国家必然引起的问题。美国经济学家指出,它们并不满足一个“最优货币区”标准。特别是,成员国之间缺乏周期同步性。如果你的经济的需要与联盟中的其他国家不一致,那么失去了货币独立性将让你举步维艰。

比如,2004—2006年需要比欧洲央行准备实施的更加紧缩的货币政策,因为爱尔兰出现了住房泡沫和经济过热;但它已将重估货币或提高利率的权力让渡。类似地,2009—2013年,爱尔兰需要比欧洲央行制定的更加宽松的货币政策,因为经济出现了衰退,但它无法贬值货币、印钞或降低利率。

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