欧元之诗

发自普林斯顿——饱受危机摧残的欧洲已经令人吃惊地将当初创立共同货币的目的抛诸脑后。取而代之的则是某些看似更为紧迫的焦点:充斥着悲观的欧元区崩溃论,以及那种穷尽一切办法,希望为欧元区内部深重的管治问题找到制度性修复方案的尝试。

但欧元可不仅是为了减少衣服口袋遭各国大小硬币磨损而做出的怪异探索,也不是为了方便欧洲内部贸易。这场宏大的欧洲实验反映了一种关于货币应该起到何种作用,又应该如何管理的新思维。通过设立一个独立于各国当局的中央银行,并由该银行发行一种“纯粹”形式的货币,欧洲人有意识地脱离了过去那种占统治地位的货币传统。

在二十世纪,货币——纸币——的创设一般被认为是国家的专利。纸币之所以能发行就是因为政府拥有定义缴税记账单位的权力。而该传统可以上溯到纸质(或者法定)货币之前的久远年代。多个世纪以来,甚至在金属货币流通的时代,定义记账单位——里弗尔(中世纪法国)、马克(德国)、基尔德(荷兰),弗罗林以及美元——都属于国家(或者政治实体)的责任。

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/pyS0FnQ/zh;
  1. An employee works at a chemical fiber weaving company VCG/Getty Images

    China in the Lead?

    For four decades, China has achieved unprecedented economic growth under a centralized, authoritarian political system, far outpacing growth in the Western liberal democracies. So, is Chinese President Xi Jinping right to double down on authoritarianism, and is the “China model” truly a viable rival to Western-style democratic capitalism?

  2. The assembly line at Ford Bill Pugliano/Getty Images

    Whither the Multilateral Trading System?

    The global economy today is dominated by three major players – China, the EU, and the US – with roughly equal trading volumes and limited incentive to fight for the rules-based global trading system. With cooperation unlikely, the world should prepare itself for the erosion of the World Trade Organization.

  3. Donald Trump Saul Loeb/Getty Images

    The Globalization of Our Discontent

    Globalization, which was supposed to benefit developed and developing countries alike, is now reviled almost everywhere, as the political backlash in Europe and the US has shown. The challenge is to minimize the risk that the backlash will intensify, and that starts by understanding – and avoiding – past mistakes.

  4. A general view of the Corn Market in the City of Manchester Christopher Furlong/Getty Images

    A Better British Story

    Despite all of the doom and gloom over the United Kingdom's impending withdrawal from the European Union, key manufacturing indicators are at their highest levels in four years, and the mood for investment may be improving. While parts of the UK are certainly weakening economically, others may finally be overcoming longstanding challenges.

  5. UK supermarket Waring Abbott/Getty Images

    The UK’s Multilateral Trade Future

    With Brexit looming, the UK has no choice but to redesign its future trading relationships. As a major producer of sophisticated components, its long-term trade strategy should focus on gaining deep and unfettered access to integrated cross-border supply chains – and that means adopting a multilateral approach.

  6. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now