Евро взрослеет

Первого января евро отметило свой шестой день рождения. Все это время Европейский Центральный Банк (ЕЦБ) успешно проводил единую кредитно-денежную политику, ориентированную на стабильность и служащую интересам более 300 миллионов граждан.

Это поразительное достижение. Во время ратификации Маастрихтского договора в 1993 году многие сомневались в успехе Экономического и валютного союза, считая, что цели договора похвальны, но осуществимы только в неопределенном будущем. К удивлению многих Европа продемонстрировала твердую решимость добиться того, чтобы единая валюта стала реальностью.

Единая кредитно-денежная политика для валютной зоны, включающей 11, а впоследствии 12 стран, каждая из которых имеет суверенное национальное правительство, было чем-то совершенно новым. Сможет ли она сочетаться с независимой фискальной политикой этих стран? Учитывая децентрализованный характер системы, окажут ли национальные интересы негативное влияние на проведение кредитно-денежной политики?

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