欧元对美元：存在统治地位之争吗

The Euro versus the U.S.Dollar:Will There Be a Struggle for Dominance?

经过了虚拟欧元三年的经验,以及在实际欧元问世的前夕,欧元事实上完全有可能挑战美元国际货币的地位。欧元面值债券的发行量已经超过美元面值债券的发行量。世界已经享有一个两极的国际金融市场,尽管还不是一个两极的国际货币体系。持有美元作为大量的国际储备使得这种货币在货币危机时变成瓮中之鳖,完全依赖于美元作为主要储备货币、发票货币、和干预货币带来了根本没有必要的风险。因此,欧元成为美元主要竞争者的时期即将到来。

After 3 years of experience with the virtual Euro and at the dawn of the creation of the physical Euro, the Euro is in fact likely to challenge the position of the U.S. dollar. The Euro-denominated bond issues exceeded the dollar-denominated bond issues. The world already enjoys a bipolar international financial market though not yet a bipolar international monetary system. The fact that the bulk of international reserves is held in dollars makes the currency a sitting duck in a currency crisis. Sole reliance on the dollar as the main reserves, invoice and intervention currency presents originally unnecessary risks. Therefore, there will come a time when the Euro becomes the major competitor of the US dollar.