欧元国际化路径与战略评议——竞争性国际货币体系的视角

A Review of the Path and the Strategy of Internationalization of Euro——A Perspective of the Competitive International Monetary System

布雷顿森林体系崩溃后,美元借助“石油-美元”与“国际美元-美国国债”的货币循环成为国际货币霸权,国际美元需求缺乏弹性,各国只能被动承受美国货币政策结果。这一不对称性导致的汇率定价机制扭曲,是全球国际收支和宏观经济失衡不断累积,危机频发的根源之一。欧盟选择在既有国际货币体系框架下,从削弱美元货币循环与美元霸权入手,致力于将欧元打造为国际货币体系中更具竞争力的国际货币。欧元国际化将促进更具竞争性的多极化国际货币体系形成,通过货币竞争“发现”更均衡的汇率,理顺汇率定价机制,从而促进全球经济均衡与稳定。

After the collapse of the Bretton Woods system,the US dollar became the international hegemonic currency depending on the currency cycles of oil-dollar and international dollar-US treasury bonds.Due to inelastic international demand for US dollars,all the other countries had to accept the results of U.S.monetary policy.The distortion of the exchange rate pricing mechanism resulted from this asymmetry is one of the root causes of the continuous accumulation of global current account and macroeconomic imbalances and frequent crises.Under the framework of the existing IMS,the EU chooses to start by weakening the dollar currency cycle and dollar hegemony,and is committed to making the euro a more competitive international currency in the IMS.The Internationalization of the Euro will promote the formation of a more competitive multiple international monetary system,"discover"a more balanced exchange rate through monetary competition and rationalize the exchange rate pricing mechanism so as to promote the global economic equilibrium and stability.