The Euro Zone – Between Fiscal Heterogeneity and Monetary Unity
The Euro Zone – Between Fiscal Heterogeneity and Monetary Unity
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欧元区——财政异质性与货币统一性之间
DOI：
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发表时间：
2014
期刊：
影响因子：
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通讯作者：
H. Dan
中科院分区：
文献类型：
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作者：
H. Dan
在欧元区功能引发激烈辩论的时期，本文旨在就单一货币区的主要特征之一提供详细的看法：独特的货币政策和几乎完全缺乏财政一体化之间的二分法。在分析了财政政策和货币政策之间的关系后，我们发现了高度异质的财政环境在欧洲结构中产生的一系列弱点，认为这些缺陷需要迅速解决。最后但同样重要的是，我们提出了可能的解决方案，这些方案将促进欧元区的财政纪律，并将有助于消除不对称冲击，从而创造一个更统一的经济环境，使成员国享有更好的金融健康，并使货币政策能够更有效地实施。
In a period in which the functioning of the Euro Zone has generated intense debate, this paper aims at providing a detailed view on one of the main characteristics defining the single currency area: the dichotomy between a unique monetary policy and an almost complete lack of fiscal integration. After analyzing the relationship between fiscal and monetary policies, we identify within the European construction a series of weak points generated by a highly heterogeneous fiscal environment, arguing that these deficiencies need to be swiftly addressed. Last but not least, we set forth potential solutions that would promote Euro Zone fiscal discipline and would help eliminate asymmetric shocks, thus creating a more uniform economic environment in which Member States enjoy an increased financial health and in which monetary policy can be more efficiently conducted.