欧元升值对欧元区经济和银行业的影响

Impact of euro appreciation on the eurozone economy and its banking industry

该文首先对欧元启动五年后的汇率走势进行了回顾,进而从贸易、物价水平、资本流动、资产价格、银行部门几个方面,利用实际经济数据,分析了欧元的汇率变化对欧元区经济的影响。文章指出,欧元汇率对欧元区经济的影响虽然不可忽略,但作用有限;尤其是欧元自2002年以来的升值,虽然因出口下降而对经济产生了一定的冲击,但对整体宏观经济来说,欧元升值有利有弊。

The paper reviews the euro exchange rate move for the five-year period since its launch. It uses real economic data to analyze the impact of euro exchange rate changes on the eurozone economy from the aspects of trade, prices, capital flows, asset prices and banking sector. The paper finds that the euro exchange rate does not have much of an impact on the eurozone economy. Also, although the euro＇s appreciation since 2002 has affected its exports, which in return has an impact on its economy, the euro＇s appreciation actually plays a negative as well as a positive role in its macro economy.