歐元十年的成果與挑戰

The Performance and Challenges of the Euro at Ten

歐洲經濟暨貨幣同盟在1999年1月，正式進入所謂的第3階段，採行單一貨幣。截至2009年1月為止，歐元區已增至16個國家，是僅次於美國的世界第2大單一貨幣區域。10年間，歐元體系穩健運作，單一貨幣對會員國總體經濟的貢獻包括：穩定物價、促進貿易與就業、安定財政、促進金融整合等。金融海嘯重創歐盟經濟，單一貨幣維持會員國國內流動性與匯率穩定。歐盟執委會提出的「歐洲經濟復甦計畫」將發揮振興經濟與穩定就業效果，惟未來歐元區政府財政赤字與債務問題是一大隱憂。歐元發行後有助於歐洲地區經濟發展及全球金融秩序的穩定，提供未來亞洲地區建構「亞元」的經驗借鏡。參考歐元前身ECU經驗，初步編製ACU作為準亞元，應是現階段可行的亞洲貨幣合作籌備工作。

The European Economic and Monetary Union formally moved into its so-called third stage, the adoption of the euro, in January 1999. As of January 2009, sixteen EU member states had joined the single currency, making it the world’s second largest single-currency area after the United States of America. In the ten years since its inception, the euro system has operated soundly, with the single currency contributing macro- economically to member countries by, for example, stabilizing prices, promoting trade and employment, stabilizing public finances, and enhancing financial integration. When the 2008 financial tsunami battered the EU economy, the single currency secured member countries’ domestic liquidity and exchange-rate stability. But while the launch of the European Economic Recovery Plan should be effective in revitalizing the economy and stabilizing employment in the EU, there are still causes for concern about the fiscal deficits and public debt levels of eurozone members. The launch of the euro has been beneficial to European regional economic development and the stability of global financial order, providing an instructive experience for the future establishment of a common currency in the Asian region. Taking reference from Europe’s experience in adopting the European Currency Unit (ECU) as the predecessor of the euro, it is suggested that the creation of an Asian Currency Unit, or ACU, as a first step would be the most feasible preparatory task for Asian monetary cooperation at this present stage.