论文部分内容阅读
欧元区财政政策和货币政策不对称的现行格局是欧元区各国寻求一体化过程中的一个阶段 ,是各国相互妥协的结果 ,但不是最优的制度安排。欧元区各国财政政策在配合货币政策的实践中也在积极寻求协调一致。未来欧元区财政政策与货币政策走向对称化是必然的趋势。对称化的路径将会沿着渐进到由内部需求引致的制度创新方向发展。欧元的运作已使货币一体化的微观经济效率得到了初步的实现 ,在宏观层面也进一步加深了区内各国经济政策合作的相互依赖性。这些都为未来财政政策走向统一提供了很好的外部环境。统一的货币政策和逐步统一的财政政策所产生的溢出效应将会继续带动欧洲一体化的进程。由货币统一到共同财政政策 ,再到政治一体化 ,应该是欧元区未来发展的方向。
The current pattern of asymmetric fiscal and monetary policies in the euro area is a stage in the process of seeking unity among the countries in the euro area. It is the result of mutual compromise among countries, but it is not an optimal institutional arrangement. The fiscal policies of the euro area countries are also actively seeking coordination in the practice of monetary policy. The future symmetry of the euro area fiscal policy and monetary policy is an inevitable trend. The path of symmetry will follow the path of institutional innovation that has evolved to internal demand. The operation of the euro has brought about the initial realization of the microeconomic efficiency of monetary integration and has further deepened the interdependence of economic and policy cooperation among countries in the macro level. All of these provide a very good external environment for the unification of future fiscal policies. The spillover effect of a unified monetary policy and a gradual and unified fiscal policy will continue to drive the process of European integration. From currency to common fiscal policy and then to political integration should be the direction for the future development of the Eurozone.