歐洲央行單一匯率政策的發展與挑戰

ECB Exchange Rate Policy: Development and Challenges

歐盟於1999年正式進入歐洲經濟暨貨幣聯盟（EMU）第三階段，由歐洲中央銀行（ECB）發行歐元，並執行單一貨幣政策以及匯率政策。2008年的國際金融危機、2012年的歐債危機凸顯歐元區單一匯率政策，以及EMU的一些結構性問題，包括單一匯率是否可以有效適用於19個歐元區會員國。本文研析下列重要議題：歐盟匯率政策的進程、建制、主管機關、決策、操作、重要特徵、意涵與改革等項目。本文亦分析英國脫歐及新冠肺炎（COVID-19）疫情對歐元區匯率政策之影響，以及論證歐元區單一匯率政策如何適用於19個經濟條件不一致的歐元區會員國，對不同會員國產生那些影響，歐盟及ECB如何解決單一匯率政策衍生之相關問題。

In 1999 the European Union (EU) entered into the third stage of Economic and Monetary Union (EMU), and the euro was introduced as the single currency of the EU and Eurozone Member States. This signified a deeper degree of European economic integration and had significant implications for the EU’s economy and the international monetary system. The financial crisis of 2008 and the sovereign debt crises of 2012 highlighted structural problems in the Eurozone’s single exchange rate policy and the design of the EMU. This paper examines the agenda and institutions of ECB exchange rate policy, as well as the authorities, decisions, operation, key characteristics, challenges and implications. This paper also discusses major challenges faced by the euro, in particular, Brexit and COVID-19, and how a single exchange rate for euro-denominated economies fits with differing requirements of the 19 Member States of the Eurozone. Also, how can the EU resolve the potential risks and problems posed by a single exchange rate policy? This paper offers some critical proposals for reforming EU law in order to enhance the effectiveness of the ECB Exchange Rate Policy and adapt to the challenges of future crises.