krugman_PPT_c20_rev.ppt

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1、Chapter20OptimumCurrencyAreasandtheEuropeanExperiencePreviewTheEuropeanUnionTheEuropeanMonetarySystemPoliciesoftheEUandtheEMSTheoryofoptimalcurrencyareasIstheEUanoptimalcurrencyarea?Otherconsiderationsofaeconomicandmonetaryunion2Copyright©2006PearsonAddison-Wesley.Allrightsres

2、erved.WhatIstheEU?TheEuropeanUnionisasystemofinternationalinstitutions,thefirstofwhichoriginatedin1957,whichnowrepresents25Europeancountriesthroughthe:EuropeanParliament:electedbycitizensofmembercountriesCounciloftheEuropeanUnion:appointedbygovernmentsofthemembercountriesEurop

3、eanCommission:executivebodyCourtofJustice:interpretsEUlawEuropeanCentralBank,whichconductsmonetarypolicy,throughasystemofmembercountrybankscalledtheEuropeanSystemofCentralBanks3Copyright©2006PearsonAddison-Wesley.Allrightsreserved.WhatIstheEMS?TheEuropeanMonetarySystemwasorigin

4、allyasystemoffixedexchangeratesimplementedin1979throughanexchangeratemechanism(ERM).TheEMShassincedevelopedintoaneconomicandmonetaryunion(EMU),amoreextensivesystemofcoordinatedeconomicandmonetarypolicies.TheEMShasreplacedtheexchangeratemechanismformostmemberswithacommoncurrenc

5、yundertheeconomicandmonetaryunion.4Copyright©2006PearsonAddison-Wesley.Allrightsreserved.MembershipoftheEconomicandMonetaryUnionTobepartoftheeconomicandmonetaryunion,EMSmembersmustfirstadheretotheERM:exchangerateswerefixedinspecifiedbandsaroundatargetexchangerate,nextfollowres

6、trainedfiscalandmonetarypoliciesasdeterminedbyCounciloftheEuropeanUnionandtheEuropeanCentralBank,finallyreplacethenationalcurrencywiththeeuro,whosecirculationisdeterminedbytheEuropeanSystemofCentralBanks.5Copyright©2006PearsonAddison-Wesley.Allrightsreserved.MembershipoftheEUTo

7、beamemberoftheEU,acountrymust,amongotherthings,havelowbarriersthatlimittradeandflowsoffinancialcapitaladoptcommonrulesforemigrationandimmigrationtoeasethemovementofpeople.establishcommonworkplacesafetyandconsumerprotectionrulesestablishcertainpoliticalandlegalinstitutionsthatar

8、econsistentwiththeEU’sdefinitionofliberaldemocracy.6Co