欧元区统一货币政策绩效及其对中国的启示

Indication of the Performance of the Euro-zone for China to Join Monetary Cooperation in East Asia

欧元产生以来,欧洲中央银行在统一货币政策的框架下较好的实现了物价稳定的首要任务,却未能有效促进欧元区的经济增长、充分就业和国际收支平衡,主要原因在于:成员国经济基本面的差异使统一货币政策产生了巴拉萨-萨缪尔森效应。由此给当前正致力于货币合作的东亚地区带来了一个重要启示:应不断加强各国间的政策协调,确保主要经济指标高度趋同,为将来单一货币的实行奠定重要基础。

Since the birth of the Euro, the ECB has well achieved its inflation targeting, but failed to enhance economic growth, achieve full employment and maintain the balance of trade. The main cause is that fundamental economic differences among the Euro countries have produced the Samuelson Effect, which indicates that the East Asian countries ought to enhance policy coordination for future monetary union of single currency.