經(jīng)貿(mào)博覽之四:歐元
Euro: Promises of Integration
歐元：一體化的
I Backgrounder
I 背景知識
With the collapse of the Bretton Woods system and the fluctuations (devaluation and revaluation) of the exchange rates inflicted upon major currencies of European nations, in The Hague in December 1969, the Heads of State and Government decided to make economic and monetary union (EMU) an official goal of European integration. It has set the tone for further measures, including the launching of the Euro.
隨著布萊頓森林體系的崩潰，加之歐洲國家主要貨幣飽受匯率動蕩之苦（貶值和重新估價），1969年12月，歐洲國家元首和政府首腦在海牙決定將經(jīng)濟與貨幣聯(lián)盟設為歐洲一體化的官方目標。它為今后所要采取的措施，包括歐元的發(fā)行， 奠定了基調(diào)。
Despite setbacks and disruptions during the depression of the 70's, the integration process again picked up steam with the creation of the European Monetary System (EMS) in 1979. Resolving to tackle the relatively high transaction costs linked to currency conversion and the uncertainties linked to exchange-rate fluctuations, Madrid European Council launched the first stage of EMU: full liberalization of capital movements in eight Member States by 1 July 1990. Meanwhile, Member States were to make significant progress towards economic policy convergence.
盡管在七十年代的蕭條時期遭受了干擾并出現(xiàn)了倒退，隨著1979年歐洲貨幣體系（EMS）的設立，一體化進程又有了新的發(fā)展勢頭。為了解決貨幣兌換交易成本相對較高的問題，以及匯率動蕩的不確定性，馬德里歐盟委員會啟動了歐洲貨幣聯(lián)盟的第一階段：在1990年7月1日之前實現(xiàn)其中八個成員國內(nèi)部資本流動的完全自由化。同時，成員國要大力提高其經(jīng)濟政策的共通性。
This process should culminate in the introduction of the single currency by the end of the century. The conviction was growing in economic and financial circles that the Union would have withstood the recession more successfully if the single currency had existed. To this end, eurozone members must also make significant progress towards convergence of their economies.
這一進程終將于20世紀末引入單一貨幣。經(jīng)濟圈和金融界越來越相信，如果已經(jīng)有單一貨幣的話，歐盟就能更成功地抵御衰退所帶來的影響。為了這個目標，歐元區(qū)的成員也必須致力于更高程度的經(jīng)濟共通性。
The weekend of 1, 2 and 3 May 1998 will go down in history as the most important milestone on the road to Economic and Monetary Union. On the basis of a recommendation adopted by the Ecofin Council (Economics and Finance Ministers) and having consulted the European Parliament, the Council, meeting at the level of Heads of State or Government, unanimously decided that eleven Member States, namely Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland, fulfilled the necessary conditions for adopting the single currency on 1 January 1999.
1998年5月1日到3日將作為通往經(jīng)濟與貨幣聯(lián)盟道路上的一個里程碑而被載入史冊?；诮?jīng)濟與財政部長委員會所提交的建議，并與歐洲國會進行磋商后，歐盟委員會召開了國家元首和政府首腦級會議。會上一致同意11個成員國， 既比利時，德國，西班牙，法國，愛爾蘭，意大利，盧森堡，荷蘭，奧地利，葡萄牙和芬蘭，已經(jīng)具備了在1999年1月1日采用單一貨幣的必需條件。
The European Central Bank was therefore established on 1 June 1998, succeeding the European Monetary Institute and also based at Frankfurt. It became operational on 1 January 1999.
因此在1998年6月1日，歐洲中央銀行成立。它接替了原來的歐洲貨幣協(xié)會，但總部也設在法蘭克福。它于1999年1月1日開始運作。
II Qs&As
II 一問一答
1.What is the euro?
1.何為歐元？
The euro is the European Union's single currency, which arrived in cashless form after years of negotiations and preparation on January 1 1999 when 11 EU countries formed an Economic and Monetary Union (EMU) and irrevocably locked the exchange rates of their currencies against the euro.
歐元是歐盟的單一貨幣。歐盟的十一個成員國經(jīng)過多年的談判及準備，于1999年1月1日成立經(jīng)濟與貨幣聯(lián)盟（EMU），歐元也以非現(xiàn)款形式出現(xiàn)，同時歐元與各國現(xiàn)行貨幣的匯率也被固定，且不可撤消。
Greece became the twelfth member when it joined the euro on January 1 2001.
希臘于2001年1月1日加入歐元區(qū)，成為第十二個成員國。
Although the euro zone's citizens are using their own bank notes and coins, they are no longer stand-alone currencies, but subdivisions of the euro. Their value against the euro is irrevocably fixed. So 1 euro is the same as 166.386 Spanish pesetas or 6.56 French francs. There are 100 cents in a euro, sometimes called euro cents.
歐元區(qū)居民仍在使用的紙幣和鑄幣已不再是獨一無二的貨幣，而是已成為歐元的一部分。這些貨幣與歐元的匯率已被固定下來，且不可撤消。因此，1歐元相當于166.386西班牙幣，或6.56法國法郎。一歐元相當于100分，或稱為歐分。
On January 1 2002, euro notes and coins will come into circulation. The scale of the project presents a massive logistical challenge: 14.25bn new banknotes, representing E642bn and 56bn coins, weighing thousands of tons, will have to be minted.
2002年1月1日，歐元的紙幣和鑄幣將開始流通。此次流通的規(guī)模帶來了巨大的物流挑戰(zhàn)：鑄造142.5億張新紙幣，相當于6420億歐元，還有560億枚硬幣，其鑄造原料重達上千噸。
Banks already conduct transactions in euros; checks, credit transfers and direct debits can be denominated in them; equities are priced in euros; and foreign exchange dealers trade in euros.
銀行已經(jīng)開始辦理歐元業(yè)務；支票，轉(zhuǎn)帳和直接借記業(yè)務可以通過歐元進行交易；股票用歐元計值；外匯交易商用歐元進行買賣。
There will be seven euro notes and eight euro coins. The notes will be: 500, 200, 100, 50, 20, 10, and 5 euro. The coins will be: 2 euro, 1 euro, 50 euro cent, 20 euro cent, 10 euro cent, 5 euro cent, 2 euro cent, and 1 euro cent.
歐元總共有七種紙幣和八種鑄幣。紙幣面值為500，200，100，50，20，10 ，5歐元。鑄幣分為2歐元，1歐元，50歐分，20歐分，10歐分，5歐分，2歐分和1歐分。
2.Who are members?
2.哪些國家為歐元的成員國？
Twelve states now make up the euro zone. They are Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain.
歐元區(qū)目前由12個國家組成：奧地利，比利時，芬蘭，法國，德國，希臘，愛爾蘭，意大利，盧森堡，荷蘭，葡萄牙和西班牙。
Danish voters on September 28 2000 became the first European citizens to decide by popular referendum whether to adopt the euro. In the final count, 53.1 per cent voted against the euro.
2000年9月28日丹麥人進行了全民公決，這是歐洲早通過投票表決是否接受歐元的國家。后一輪計票結(jié)果顯示，53.1%的丹麥人反對使用歐元。
The governments of UK and Sweden have decided to stay outside the euro for the time being.
英國和瑞典政府決定暫時不加入歐元區(qū)。
3.Can any country join the euro?
3.任何一個國家都可以加入歐元區(qū)嗎？
In order to join the euro a country must be a member of the European Union and be able to pass economic tests set out by the Maastricht Treaty.
只有歐盟的成員國在通過馬斯特里赫特條約設定的經(jīng)濟測試后才有資格加入歐元區(qū)。
The Treaty requires economies to have achieved certain levels of performance on inflation, public deficits and debts, exchange rates and interest rates. These targets ensure not only stable economic conditions but also a degree of convergence between participating member states which allows EMU to function smoothly.
條約規(guī)定經(jīng)濟實體國家必須在通貨膨脹，公共赤字及債務，匯率和利率方面具有一定水平的控制能力。這些目標不僅可以確保穩(wěn)定的經(jīng)濟環(huán)境，同時也保證了加入歐元區(qū)國家間一定水平的融合程度，從而使得經(jīng)濟和貨幣聯(lián)盟能夠正常運作。
The terms of the Treaty are that:
條約具體內(nèi)容如下：
Annual government deficit must not exceed 3 per cent of GDP.
每年政府的財政赤字必須低于國內(nèi)生產(chǎn)總值的3%。
Total outstanding government debt must not exceed 60 per cent of GDP.
政府有償債務的總值必須低于國內(nèi)生產(chǎn)總值的60%。
Rate of inflation within 1.5 percentage points of the three best performing EU countries.
通貨膨脹率在歐盟通脹率低的三個國家平均指數(shù)上下1.5%的波動范圍內(nèi)。
Average nominal long-term interest rate must be within 2 percentage points of the average rate in the three countries with the lowest inflation rates.
記名的長期利率平均值在三個通脹率低國家的長期利率平均值上下2%的波動范圍內(nèi)。
Exchange rate stability, meaning that for at least 2 years the currency has kept within the "normal" fluctuation margins of European Exchange Rate Mechanism (ERM).
匯率的穩(wěn)定性是指，至少在兩年以內(nèi)，現(xiàn)行貨幣的波動水平維持在歐洲匯率機制的正常范圍之內(nèi)。
The European Council makes the final judgment on whether a member state fulfils the necessary conditions for the adoption of the euro.
歐洲委員會對成員國是否具備加入歐元區(qū)的必要條件作終的判斷。
5.How are businesses within the euro zone affected by the euro?
5.歐元將如何影響歐元區(qū)內(nèi)的商業(yè)運作？
Companies operating within the euro zone have already enjoyed a reduction in many of their costs, particularly in treasury management, foreign exchange transactions and through the elimination of much foreign exchange risk.
在歐元區(qū)內(nèi)運作的公司已經(jīng)開始享受各項開支的減少，尤其是在資產(chǎn)管理，外匯交易等方面。同時這也減少了不少外匯兌換中的風險。
With the conversion to euro notes and coins however, increased price transparency should trigger strong competition in some sectors so, the cost to consumers of certain goods in certain markets may have to fall. Businesses also face one-off costs in the changing of equipment and staff training.
隨著各國貨幣向歐元鑄幣和紙幣的轉(zhuǎn)化，價格透明度的增強將引發(fā)某些部門的激烈競爭，某些市場上部分商品的價格會因此有所下降。同時，商家要面對由設備更新和員工培訓帶來的性開銷。
However, critics of the euro feel that handing over control of interest rates and exchange rate policy to the ECB could mean that action is taken centrally which is inappropriate for the economies in which companies operate.
然而，歐元批評家認為將利率和匯率政策控制權(quán)移交給歐洲央行可能意味著行動執(zhí)行的集中化，這與包含公司運作的各國經(jīng)濟不相適應。
6.What will the euro mean for consumers?
6.歐元對消費者意味著什么？
The expectation is that consumers will be able to shop around for bargains as it becomes easier to compare prices between countries as all goods will be valued in euros.
消費者可以四處尋找佳折扣。因為所有的商品均以歐元計價，價格比較也變得更為簡便。
However, there are fears that businesses will seize the opportunity to raise their prices amid the confusion arising from the changeover to euros.
然而，人們?nèi)該?，在向歐元轉(zhuǎn)換的過程中出現(xiàn)的混亂局面會使某些商家乘機提價。
III External aspects of euro and EMU (European Monetary Union)
III 歐元和歐洲貨幣聯(lián)盟的對外影響
The launching of euro and the completion of the EMU will be instrumental in reshaping the international monetary system, principally by making it more balanced and symmetrical. As this involves a progressive approach, whose effectiveness mainly rests with the smooth circulation of euro and the independent execution of the stability-oriented policies by the European Central Bank (ECB), its repercussions will be most manifest in the following aspects:
歐元的發(fā)行和歐洲貨幣聯(lián)盟的形成將在世界貨幣體系重新整合的過程中發(fā)揮至關(guān)重要的作用。 這主要表現(xiàn)在使該體系更為平衡和對稱。這也包括采取一種循序漸進的方法，而它的效用主要取決于歐元的順利流通和歐洲央行穩(wěn)定政策的獨立實施。其帶來的影響將主要表現(xiàn)在以下幾個方面：
1. The use of single currency will better coordinate the economic policies of its Member States, which in turn will contribute to a more pronounced economic status of the euro area comparable to that of the U.S and larger than that of Japan.
1．使用單一貨幣將更好地協(xié)調(diào)歐元區(qū)成員國各自的經(jīng)濟政策，而這會使歐元區(qū)的 經(jīng)濟地位變得更為顯著， 超過日本并足以與美國抗衡。
2. Owing to the disappearance of tensions between European currencies, the economic performance of the eurozone will be less sensitive to exchange rate fluctuations.
2．由于歐洲各國貨幣間的矛盾不復存在，歐元區(qū)的經(jīng)濟對匯率波動將不再那么敏感。
3. With the completion of EMU, the European financial market will become truly integrated with the implementation of an efficient trans-border payment system (TARGET). The recent agreement clinched by the ECB to finalize the deadline for lowering the charges and commission rates for trans-border transactions and capital transfer can serve as a case in point.
3．在歐洲貨幣聯(lián)盟建成之后，隨著一個高效率的跨國界支付制度的實施，歐洲的金融市場將在真正意義上實現(xiàn)一體化。一個現(xiàn)成的例子就是，在歐洲央行近的一項協(xié)議中，跨國界交易和資本流動的成本和銀行傭金率降低的后期限被。
4. The euro should constitute an important reserve currency and play a key role in portfolios of financial assets on an international scale.
4．歐元應該成為重要的儲備幣種，并在國際金融資產(chǎn)組合中起關(guān)鍵作用。
5. European economic policies should, in light of its aim to foster easy monetary conditions and maintain appropriate exchange rates, merit close attention as a valuable source of reference in international economic affairs.
5．鑒于歐洲經(jīng)濟政策的目的在于創(chuàng)造寬松的貨幣環(huán)境和保持適當?shù)膮R率水平，因此它可以為國際經(jīng)濟運作提供參考，值得密切關(guān)注。
6. The representation of the EMU within international institutions such as the IMF is a matter awaiting further discussions and consultations. Mechanisms of monitoring and mutual compatibility are to be highlighted.
6．歐洲貨幣聯(lián)盟在包括國際貨幣基金組織在內(nèi)的國際機構(gòu)中的代表權(quán)問題有待進一步的討論和磋商。需要強調(diào)的是監(jiān)督機制和政策的相互協(xié)調(diào)性
Euro: Promises of Integration
歐元：一體化的
I Backgrounder
I 背景知識
With the collapse of the Bretton Woods system and the fluctuations (devaluation and revaluation) of the exchange rates inflicted upon major currencies of European nations, in The Hague in December 1969, the Heads of State and Government decided to make economic and monetary union (EMU) an official goal of European integration. It has set the tone for further measures, including the launching of the Euro.
隨著布萊頓森林體系的崩潰，加之歐洲國家主要貨幣飽受匯率動蕩之苦（貶值和重新估價），1969年12月，歐洲國家元首和政府首腦在海牙決定將經(jīng)濟與貨幣聯(lián)盟設為歐洲一體化的官方目標。它為今后所要采取的措施，包括歐元的發(fā)行， 奠定了基調(diào)。
Despite setbacks and disruptions during the depression of the 70's, the integration process again picked up steam with the creation of the European Monetary System (EMS) in 1979. Resolving to tackle the relatively high transaction costs linked to currency conversion and the uncertainties linked to exchange-rate fluctuations, Madrid European Council launched the first stage of EMU: full liberalization of capital movements in eight Member States by 1 July 1990. Meanwhile, Member States were to make significant progress towards economic policy convergence.
盡管在七十年代的蕭條時期遭受了干擾并出現(xiàn)了倒退，隨著1979年歐洲貨幣體系（EMS）的設立，一體化進程又有了新的發(fā)展勢頭。為了解決貨幣兌換交易成本相對較高的問題，以及匯率動蕩的不確定性，馬德里歐盟委員會啟動了歐洲貨幣聯(lián)盟的第一階段：在1990年7月1日之前實現(xiàn)其中八個成員國內(nèi)部資本流動的完全自由化。同時，成員國要大力提高其經(jīng)濟政策的共通性。
This process should culminate in the introduction of the single currency by the end of the century. The conviction was growing in economic and financial circles that the Union would have withstood the recession more successfully if the single currency had existed. To this end, eurozone members must also make significant progress towards convergence of their economies.
這一進程終將于20世紀末引入單一貨幣。經(jīng)濟圈和金融界越來越相信，如果已經(jīng)有單一貨幣的話，歐盟就能更成功地抵御衰退所帶來的影響。為了這個目標，歐元區(qū)的成員也必須致力于更高程度的經(jīng)濟共通性。
The weekend of 1, 2 and 3 May 1998 will go down in history as the most important milestone on the road to Economic and Monetary Union. On the basis of a recommendation adopted by the Ecofin Council (Economics and Finance Ministers) and having consulted the European Parliament, the Council, meeting at the level of Heads of State or Government, unanimously decided that eleven Member States, namely Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland, fulfilled the necessary conditions for adopting the single currency on 1 January 1999.
1998年5月1日到3日將作為通往經(jīng)濟與貨幣聯(lián)盟道路上的一個里程碑而被載入史冊?；诮?jīng)濟與財政部長委員會所提交的建議，并與歐洲國會進行磋商后，歐盟委員會召開了國家元首和政府首腦級會議。會上一致同意11個成員國， 既比利時，德國，西班牙，法國，愛爾蘭，意大利，盧森堡，荷蘭，奧地利，葡萄牙和芬蘭，已經(jīng)具備了在1999年1月1日采用單一貨幣的必需條件。
The European Central Bank was therefore established on 1 June 1998, succeeding the European Monetary Institute and also based at Frankfurt. It became operational on 1 January 1999.
因此在1998年6月1日，歐洲中央銀行成立。它接替了原來的歐洲貨幣協(xié)會，但總部也設在法蘭克福。它于1999年1月1日開始運作。
II Qs&As
II 一問一答
1.What is the euro?
1.何為歐元？
The euro is the European Union's single currency, which arrived in cashless form after years of negotiations and preparation on January 1 1999 when 11 EU countries formed an Economic and Monetary Union (EMU) and irrevocably locked the exchange rates of their currencies against the euro.
歐元是歐盟的單一貨幣。歐盟的十一個成員國經(jīng)過多年的談判及準備，于1999年1月1日成立經(jīng)濟與貨幣聯(lián)盟（EMU），歐元也以非現(xiàn)款形式出現(xiàn)，同時歐元與各國現(xiàn)行貨幣的匯率也被固定，且不可撤消。
Greece became the twelfth member when it joined the euro on January 1 2001.
希臘于2001年1月1日加入歐元區(qū)，成為第十二個成員國。
Although the euro zone's citizens are using their own bank notes and coins, they are no longer stand-alone currencies, but subdivisions of the euro. Their value against the euro is irrevocably fixed. So 1 euro is the same as 166.386 Spanish pesetas or 6.56 French francs. There are 100 cents in a euro, sometimes called euro cents.
歐元區(qū)居民仍在使用的紙幣和鑄幣已不再是獨一無二的貨幣，而是已成為歐元的一部分。這些貨幣與歐元的匯率已被固定下來，且不可撤消。因此，1歐元相當于166.386西班牙幣，或6.56法國法郎。一歐元相當于100分，或稱為歐分。
On January 1 2002, euro notes and coins will come into circulation. The scale of the project presents a massive logistical challenge: 14.25bn new banknotes, representing E642bn and 56bn coins, weighing thousands of tons, will have to be minted.
2002年1月1日，歐元的紙幣和鑄幣將開始流通。此次流通的規(guī)模帶來了巨大的物流挑戰(zhàn)：鑄造142.5億張新紙幣，相當于6420億歐元，還有560億枚硬幣，其鑄造原料重達上千噸。
Banks already conduct transactions in euros; checks, credit transfers and direct debits can be denominated in them; equities are priced in euros; and foreign exchange dealers trade in euros.
銀行已經(jīng)開始辦理歐元業(yè)務；支票，轉(zhuǎn)帳和直接借記業(yè)務可以通過歐元進行交易；股票用歐元計值；外匯交易商用歐元進行買賣。
There will be seven euro notes and eight euro coins. The notes will be: 500, 200, 100, 50, 20, 10, and 5 euro. The coins will be: 2 euro, 1 euro, 50 euro cent, 20 euro cent, 10 euro cent, 5 euro cent, 2 euro cent, and 1 euro cent.
歐元總共有七種紙幣和八種鑄幣。紙幣面值為500，200，100，50，20，10 ，5歐元。鑄幣分為2歐元，1歐元，50歐分，20歐分，10歐分，5歐分，2歐分和1歐分。
2.Who are members?
2.哪些國家為歐元的成員國？
Twelve states now make up the euro zone. They are Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain.
歐元區(qū)目前由12個國家組成：奧地利，比利時，芬蘭，法國，德國，希臘，愛爾蘭，意大利，盧森堡，荷蘭，葡萄牙和西班牙。
Danish voters on September 28 2000 became the first European citizens to decide by popular referendum whether to adopt the euro. In the final count, 53.1 per cent voted against the euro.
2000年9月28日丹麥人進行了全民公決，這是歐洲早通過投票表決是否接受歐元的國家。后一輪計票結(jié)果顯示，53.1%的丹麥人反對使用歐元。
The governments of UK and Sweden have decided to stay outside the euro for the time being.
英國和瑞典政府決定暫時不加入歐元區(qū)。
3.Can any country join the euro?
3.任何一個國家都可以加入歐元區(qū)嗎？
In order to join the euro a country must be a member of the European Union and be able to pass economic tests set out by the Maastricht Treaty.
只有歐盟的成員國在通過馬斯特里赫特條約設定的經(jīng)濟測試后才有資格加入歐元區(qū)。
The Treaty requires economies to have achieved certain levels of performance on inflation, public deficits and debts, exchange rates and interest rates. These targets ensure not only stable economic conditions but also a degree of convergence between participating member states which allows EMU to function smoothly.
條約規(guī)定經(jīng)濟實體國家必須在通貨膨脹，公共赤字及債務，匯率和利率方面具有一定水平的控制能力。這些目標不僅可以確保穩(wěn)定的經(jīng)濟環(huán)境，同時也保證了加入歐元區(qū)國家間一定水平的融合程度，從而使得經(jīng)濟和貨幣聯(lián)盟能夠正常運作。
The terms of the Treaty are that:
條約具體內(nèi)容如下：
Annual government deficit must not exceed 3 per cent of GDP.
每年政府的財政赤字必須低于國內(nèi)生產(chǎn)總值的3%。
Total outstanding government debt must not exceed 60 per cent of GDP.
政府有償債務的總值必須低于國內(nèi)生產(chǎn)總值的60%。
Rate of inflation within 1.5 percentage points of the three best performing EU countries.
通貨膨脹率在歐盟通脹率低的三個國家平均指數(shù)上下1.5%的波動范圍內(nèi)。
Average nominal long-term interest rate must be within 2 percentage points of the average rate in the three countries with the lowest inflation rates.
記名的長期利率平均值在三個通脹率低國家的長期利率平均值上下2%的波動范圍內(nèi)。
Exchange rate stability, meaning that for at least 2 years the currency has kept within the "normal" fluctuation margins of European Exchange Rate Mechanism (ERM).
匯率的穩(wěn)定性是指，至少在兩年以內(nèi)，現(xiàn)行貨幣的波動水平維持在歐洲匯率機制的正常范圍之內(nèi)。
The European Council makes the final judgment on whether a member state fulfils the necessary conditions for the adoption of the euro.
歐洲委員會對成員國是否具備加入歐元區(qū)的必要條件作終的判斷。
5.How are businesses within the euro zone affected by the euro?
5.歐元將如何影響歐元區(qū)內(nèi)的商業(yè)運作？
Companies operating within the euro zone have already enjoyed a reduction in many of their costs, particularly in treasury management, foreign exchange transactions and through the elimination of much foreign exchange risk.
在歐元區(qū)內(nèi)運作的公司已經(jīng)開始享受各項開支的減少，尤其是在資產(chǎn)管理，外匯交易等方面。同時這也減少了不少外匯兌換中的風險。
With the conversion to euro notes and coins however, increased price transparency should trigger strong competition in some sectors so, the cost to consumers of certain goods in certain markets may have to fall. Businesses also face one-off costs in the changing of equipment and staff training.
隨著各國貨幣向歐元鑄幣和紙幣的轉(zhuǎn)化，價格透明度的增強將引發(fā)某些部門的激烈競爭，某些市場上部分商品的價格會因此有所下降。同時，商家要面對由設備更新和員工培訓帶來的性開銷。
However, critics of the euro feel that handing over control of interest rates and exchange rate policy to the ECB could mean that action is taken centrally which is inappropriate for the economies in which companies operate.
然而，歐元批評家認為將利率和匯率政策控制權(quán)移交給歐洲央行可能意味著行動執(zhí)行的集中化，這與包含公司運作的各國經(jīng)濟不相適應。
6.What will the euro mean for consumers?
6.歐元對消費者意味著什么？
The expectation is that consumers will be able to shop around for bargains as it becomes easier to compare prices between countries as all goods will be valued in euros.
消費者可以四處尋找佳折扣。因為所有的商品均以歐元計價，價格比較也變得更為簡便。
However, there are fears that businesses will seize the opportunity to raise their prices amid the confusion arising from the changeover to euros.
然而，人們?nèi)該?，在向歐元轉(zhuǎn)換的過程中出現(xiàn)的混亂局面會使某些商家乘機提價。
III External aspects of euro and EMU (European Monetary Union)
III 歐元和歐洲貨幣聯(lián)盟的對外影響
The launching of euro and the completion of the EMU will be instrumental in reshaping the international monetary system, principally by making it more balanced and symmetrical. As this involves a progressive approach, whose effectiveness mainly rests with the smooth circulation of euro and the independent execution of the stability-oriented policies by the European Central Bank (ECB), its repercussions will be most manifest in the following aspects:
歐元的發(fā)行和歐洲貨幣聯(lián)盟的形成將在世界貨幣體系重新整合的過程中發(fā)揮至關(guān)重要的作用。 這主要表現(xiàn)在使該體系更為平衡和對稱。這也包括采取一種循序漸進的方法，而它的效用主要取決于歐元的順利流通和歐洲央行穩(wěn)定政策的獨立實施。其帶來的影響將主要表現(xiàn)在以下幾個方面：
1. The use of single currency will better coordinate the economic policies of its Member States, which in turn will contribute to a more pronounced economic status of the euro area comparable to that of the U.S and larger than that of Japan.
1．使用單一貨幣將更好地協(xié)調(diào)歐元區(qū)成員國各自的經(jīng)濟政策，而這會使歐元區(qū)的 經(jīng)濟地位變得更為顯著， 超過日本并足以與美國抗衡。
2. Owing to the disappearance of tensions between European currencies, the economic performance of the eurozone will be less sensitive to exchange rate fluctuations.
2．由于歐洲各國貨幣間的矛盾不復存在，歐元區(qū)的經(jīng)濟對匯率波動將不再那么敏感。
3. With the completion of EMU, the European financial market will become truly integrated with the implementation of an efficient trans-border payment system (TARGET). The recent agreement clinched by the ECB to finalize the deadline for lowering the charges and commission rates for trans-border transactions and capital transfer can serve as a case in point.
3．在歐洲貨幣聯(lián)盟建成之后，隨著一個高效率的跨國界支付制度的實施，歐洲的金融市場將在真正意義上實現(xiàn)一體化。一個現(xiàn)成的例子就是，在歐洲央行近的一項協(xié)議中，跨國界交易和資本流動的成本和銀行傭金率降低的后期限被。
4. The euro should constitute an important reserve currency and play a key role in portfolios of financial assets on an international scale.
4．歐元應該成為重要的儲備幣種，并在國際金融資產(chǎn)組合中起關(guān)鍵作用。
5. European economic policies should, in light of its aim to foster easy monetary conditions and maintain appropriate exchange rates, merit close attention as a valuable source of reference in international economic affairs.
5．鑒于歐洲經(jīng)濟政策的目的在于創(chuàng)造寬松的貨幣環(huán)境和保持適當?shù)膮R率水平，因此它可以為國際經(jīng)濟運作提供參考，值得密切關(guān)注。
6. The representation of the EMU within international institutions such as the IMF is a matter awaiting further discussions and consultations. Mechanisms of monitoring and mutual compatibility are to be highlighted.
6．歐洲貨幣聯(lián)盟在包括國際貨幣基金組織在內(nèi)的國際機構(gòu)中的代表權(quán)問題有待進一步的討論和磋商。需要強調(diào)的是監(jiān)督機制和政策的相互協(xié)調(diào)性