仰仗欧元

欧元诞生已经6年了,再也不用凭空猜测它的作用和是否能满足诞生时人们的厚望了。

人们对欧元寄予了很高的期望。通过降低交易成本和消除汇率不确定的风险,人们热切地盼望这种单一的欧洲货币能带来完全融合的产品和金融市场,而这又最终意味着更多的贸易收益、更强的竞争力、更多的资金跨国流动、更低的借贷成本和更多的风险共担机会,人们寄希望于上述所有因素结合在一起,能够最终促进投资、提高生产率。

但现实却让人们失望了。与1999年欧元启动前的5年间相比,意大利、德国、西班牙和荷兰等国的生产率增长都有所下降,而在同一时期,丹麦、瑞典、英国等没有参与欧元计划的成员国生产率却保持不变,甚至还有所增长。实际上,除法国以外,欧元似乎并没有给其它参与国带来福音。

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