论欧洲货币体系:问题与前景

The Mechanism of the European Monetary System-Problems and Prospects

欧洲货币体系(EMS)有三个有机组成部分,那就是欧洲货币单位(ECU)、汇率的市场干预机制(ERM),以及欧洲货币合作基金(EMCF)或者说信贷机制。本文第一部分先论述汇率的市场干预机制问题;第二部分论述欧洲货币单位以及信贷机制的现阶段及其前景;第三部分论述欧洲货币体系对欧洲共同农业政策(CAP)

The main issues discussed in this article are as follows. Market Intervention of exchange rates and the exchange rate mechanism; the European Currency Unit (ECU), the present stage of credit mechanism and its prospects; and the green rates and the Monetary Compensatory Amounts (MCA) concerning the Common Agricultural Policy (CAP). After analysing these issues in detail, the author points out that the EMS has been keeping going ahead so far, although it underwent ups and downs since its birth. It is an unprecedented scheme and an epoch-making project in the history of international finance. The evolution will be bound by no means to be easy, nevertheless it is full of life and vigour.