国际经济学资料新20(PPT 37)
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– To enhance Europe’s role in the world monetary system – To turn the European Union into a truly unified market
Copyright © 2003 Pearson Education, Inc.
European Monetary Union (EMU)?
• What lessons does the European experience carry for
other potential currency blocks?
Copyright © 2003 Pearson Education, Inc.
• This culminated in the birth of the euro on January 1,
1999.
▪ This chapter focuses on the following questions:
• How and why did Europe set up its single currency? • Will the euro be good for the economies of its members? • How will the euro affect countries outside of the
– Most exchange rates could fluctuate up or down by as much as 2.25% relative to an assigned par value.
– The snake served as a prologue to the more comprehensive European Monetary System (EMS).
Slide 20-3
Introduction
Figure 20-1: Members of the Euro Zone as of January 1, 2001
Copyright © 2003 Pearson Education, Inc.
Slide 20-4
How the European Single Currency Evolved
Slide 20-7
How the European
Single Currency Evolved
• Capital controls and frequent realignments were
essential ingredients in maintaining the system until the mid-1980s.
Table 20-1: A Brief Glossary of Euronyms
Copyright © 2003 Pearson Education, Inc.
Slide 20-5
How the European Single Currency Evolved
European Currency Reform Initiatives, 1969-1978
• Eight original participants in the EMS’s exchange rate
mechanism began operating a formal network of mutually pegged exchange rates in March 1979.
Copyright © 2003 Pearson Education, Inc.
Chapter 20
▪ Optimum Currency Areas and the European
Experience
Chapter Organization
▪ How the European Single Currency Evolved ▪ The Euro and Economic Policy in the Euro Zone ▪ The Theory of Optimum Currency Areas ▪ The Future of EMU ▪ Summary
• The Werner report (1969)
– It set out a blueprint for the stage-by-stage realization of Economic and Monetary Union by proposing a threephase program to:
Copyright © 2003 Pearson Education, Inc.
Slide 20-2
wenku.baidu.com
Introduction
▪ European Union countries have progressively narrowed
the fluctuations of their currencies against each other.
– Eliminate intra-European exchange rate movements – Centralize EU monetary policy decisions – Lower remaining trade barriers within Europe
• Two major reasons for adopting the Euro:
– After the mid-1980s, these controls have been abolished as part of the EU’s wider “1992” program of market unification.
Slide 20-6
How the European Single Currency Evolved
▪ The European Monetary System, 1979-1998
• Germany, the Netherlands, Belgium, Luxemburg,
France, Italy, and Britain participated in an informal joint float against the dollar known as the “snake.”
Copyright © 2003 Pearson Education, Inc.
European Monetary Union (EMU)?
• What lessons does the European experience carry for
other potential currency blocks?
Copyright © 2003 Pearson Education, Inc.
• This culminated in the birth of the euro on January 1,
1999.
▪ This chapter focuses on the following questions:
• How and why did Europe set up its single currency? • Will the euro be good for the economies of its members? • How will the euro affect countries outside of the
– Most exchange rates could fluctuate up or down by as much as 2.25% relative to an assigned par value.
– The snake served as a prologue to the more comprehensive European Monetary System (EMS).
Slide 20-3
Introduction
Figure 20-1: Members of the Euro Zone as of January 1, 2001
Copyright © 2003 Pearson Education, Inc.
Slide 20-4
How the European Single Currency Evolved
Slide 20-7
How the European
Single Currency Evolved
• Capital controls and frequent realignments were
essential ingredients in maintaining the system until the mid-1980s.
Table 20-1: A Brief Glossary of Euronyms
Copyright © 2003 Pearson Education, Inc.
Slide 20-5
How the European Single Currency Evolved
European Currency Reform Initiatives, 1969-1978
• Eight original participants in the EMS’s exchange rate
mechanism began operating a formal network of mutually pegged exchange rates in March 1979.
Copyright © 2003 Pearson Education, Inc.
Chapter 20
▪ Optimum Currency Areas and the European
Experience
Chapter Organization
▪ How the European Single Currency Evolved ▪ The Euro and Economic Policy in the Euro Zone ▪ The Theory of Optimum Currency Areas ▪ The Future of EMU ▪ Summary
• The Werner report (1969)
– It set out a blueprint for the stage-by-stage realization of Economic and Monetary Union by proposing a threephase program to:
Copyright © 2003 Pearson Education, Inc.
Slide 20-2
wenku.baidu.com
Introduction
▪ European Union countries have progressively narrowed
the fluctuations of their currencies against each other.
– Eliminate intra-European exchange rate movements – Centralize EU monetary policy decisions – Lower remaining trade barriers within Europe
• Two major reasons for adopting the Euro:
– After the mid-1980s, these controls have been abolished as part of the EU’s wider “1992” program of market unification.
Slide 20-6
How the European Single Currency Evolved
▪ The European Monetary System, 1979-1998
• Germany, the Netherlands, Belgium, Luxemburg,
France, Italy, and Britain participated in an informal joint float against the dollar known as the “snake.”