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1、READINGPARTONE・Lookatthestatementsbelowandthe5passagesabouttheEuropeanMonetarySystem・・Whichpassage(A,B，C,DorE.doeseachstatement1-8referto?・Foreachstatement1—8,markoneletter(A,B，C,DorE・onyourAnswerSheet.・Youwillneedtousesomeoftheselettersmorethanonce・ATheEuropeanMonetarySystem(EMS)has,sinceitsinc
2、eptionin1979,providedafascinatingexampleofpolicycoordinationinpractice.Asconcernaboutexchange-rateinstabilityandglobaleconomicimbalanceshasgrown,bothacademicresearchersandpolicymakershavelookedtotheEMSforlessonsaboutcooperationonawiderscale.EuropeanMonetarySystem,arrangementbywhichmostnationsoft
3、heEuropeanUnion(EU)linkedtheircurrenciestopreventlargefluctuationsrelativetooneanother,wasorganizedin1979•tostabilizeforeignexchangeandcounterinflationamongmembers•BPeriodicadjustmentsraisedthevaluesofstrongcurrenciesandloweredthoseofweakerones,butafter1986changesinnationalinterestrateswereusedt
4、okeepthecurrencieswithinanarrowrange・Tntheearly1990stheEuropeanMonetarySystemwasstrainedbythedifferingeconomicpoliciesandconditionsofitsmemberszespeciallythereunifiedGermany,andBritainpermanentlywithdrewfromthesystem.In1994theEuropeanMonetaryInstitutewascreatedastransitionalstepinestablishingthe
5、EuropeanCentralBank(ECB.andacommoncurrency•cTheECB,whichwasestablishedin1998zisresponsibleforsettingasinglemonetarypolicyandinterestratefortheadoptingnations,inconjunctionwiththeirnationalcentralbanks.Laterin1998,Austria,Belgium,Finland,France,Germany,Ireland,Italy,Luxembourg,theNetherlands,Port
6、ugal,andSpaincuttheirinterestratestoanearlyuniformlylowlevelinanefforttopromotegrowthandtopreparethewayforaunifiedcurrency.Atthebeginningof1999,thesameEUmembersadoptedasinglecurrency,theeuro,forforeignexchangeandelectronicpayments.DTheintroductionoftheeuro(worthabout$1-17atitsinception)fourdecad
7、esafterthebeginningsoftheEuropeanUnionwaswidelyregardedasamajorsteptowardEuropeanpoliticalunity.Bycreatingacommoneconomicpolicy,thenationsactedtoputadamperonexcessivepublicspending,reducedebt,andmakeastrongattemptattaminginf
