缺少集中的欧元无法生存

美国剑桥—在西班牙和希腊等欧元区国家,年轻人失业率达到了50%,这可以说是为了在覆盖彼此差异太大而根本不可能持续的多国实行单一货币而牺牲了一代人吗?如果答案是肯定的,扩大欧元区成员国范围真的有助于欧洲达到最大化经济一体化而又不必形成政治上的完全统一这一众人皆知的目标吗?

好消息是,经济研究确实对欧洲是否应该使用单一货币这一问题形成了一些成果。坏消息是,越来越明显的是,至少对于大国,货币区是非常不稳定的,除非其边界和国境线相同。不管怎样,货币联盟至少需要是一个邦联,拥有比欧洲领导人的欧元区愿景远为集中的税收和其他政策权力。

那么,如何看待诺贝尔奖获得者蒙代尔1961年的著名预言呢?蒙代尔说,国境线和货币边界并不需要大致重合。在他发表于《美国经济评论》(American Economic Review)的雄文《最优货币区理论》(A Theory of Optimum Currency Areas)中,蒙代尔指出,只要工人能在货币区内自由流动追逐工作,该货币区就可以形成一个汇率调整的均衡机制。蒙代尔将对劳动流动性的重要性的认识归功于另一位(未来)诺贝尔奖获得者米德,但也指出,米德对这一观点的解释太过严格,特别是在欧洲一体化刚刚出现萌芽的时候。

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/fJmpkpz/zh;
  1. China corruption Isaac Lawrence/Getty Images

    The Next Battle in China’s War on Corruption

    • Chinese President Xi Jinping knows well the threat that corruption poses to the authority of the Communist Party of China and the state it controls. 
    • But moving beyond Xi's anti-corruption purge to build robust and lasting anti-graft institutions will not be easy, owing to enduring opportunities for bureaucratic capture.
  2. Italy unemployed demonstration SalvatoreEsposito/Barcroftimages / Barcroft Media via Getty Images

    Putting Europe’s Long-Term Unemployed Back to Work

    Across the European Union, millions of people who are willing and able to work have been unemployed for a year or longer, at great cost to social cohesion and political stability. If the EU is serious about stopping the rise of populism, it will need to do more to ensure that labor markets are working for everyone.

  3. Latin America market Federico Parra/Getty Images

    A Belt and Road for the Americas?

    In a time of global uncertainty, a vision of “made in the Americas” prosperity provides a unifying agenda for the continent. If implemented, the US could reassert its historical leadership among a group of countries that share its fundamental values, as well as an interest in inclusive economic growth and rising living standards.

  4. Startup office Mladlen Antonov/Getty Images

    How Best to Promote Research and Development

    Clearly, there is something appealing about a start-up-based innovation strategy: it feels democratic, accessible, and so California. But it is definitely not the only way to boost research and development, or even the main way, and it is certainly not the way most major innovations in the US came about during the twentieth century.

  5. Trump Trade speech Bill Pugliano/Getty Images .

    Preparing for the Trump Trade Wars

    In the first 11 months of his presidency, Donald Trump has failed to back up his words – or tweets – with action on a variety of fronts. But the rest of the world's governments, and particularly those in Asia and Europe, would be mistaken to assume that he won't follow through on his promised "America First" trade agenda.