A Comprehensive Study on the eastern enlargment of the EU and the Euro as an international currency

2002年，欧元成为欧盟12个国家的法定货币，2004年5月，中欧和东欧等10个国家成为欧盟成员国。欧元是成为与美元等值的全球性国际货币，还是成为欧洲的区域性国际货币？首先，研究小组调查了欧元在世界外汇市场上的使用情况。其次，研究了东扩对中东欧国家使用欧元作为国际货币的影响。2003年，调查人员出版了一本名为《欧元与国际货币体系》的书。本书的结论如下：根据国际清算银行和其他参与调查的中央银行发布的三年一次的外汇调查，调查人员表明，欧元确实是欧洲和欧元时区的区域性国际货币。其次，他们得出的结论是，在可预见的未来，欧元作为地区性国际货币的特性不会改变。因为欧元不喜欢周围的环境。在欧洲货币体系中稳定的外汇汇率机制的帮助下，德国马克于20世纪90年代成为欧洲国际货币。在富裕国家的包围下，德国马克在欧洲主要充当交通工具货币。虽然欧元也是一种地区性的国际货币，但它不能享受周边国家如此富裕的待遇。在全球范围内，由于国际货币的惯性效应及其网络外部性，美元将能够享有其全球国际货币的地位。因此，欧元不会入侵美元的竞技场。第三，基于与中东欧国家密切的经济联系，欧元将加强其在中东欧国家的国际货币作用。欧元是欧盟国家协议的政治货币，是没有国家管理欧元的人工货币。因此，中东欧国家将在不久的将来加入欧元区。欧元区将会扩大，但欧元作为国际货币的地位将会削弱，因为中东欧国家将不再使用欧元作为国际货币。以ERM和ECU为基础的欧洲货币合作将为即将到来的会议提供建议

The euro became the legal tender in the twelve countries of the European Union in 2002 and the ten countries in Central and Eastern European countries (CEECs) etc. became the members of the Union in May 2004. Does the euro become a global international currency tantamount to the US dollar or a regional international currency in Europe? Firstly, the research team investigated how the euro was used on the foreign exchange markets in the world. Secondly, it investigated how the eastern enlargement could effect on the use of the euro as an international currency in CEECs. In 2003, the investigators published a book titled "the euro and the international currency system". The conclusions of the book was as follows: Based on the trennial foreign exchange survey published by the BIS and the other central banks participating in the investigation, the investigators showed that the euro was surely a regional international currency in Europe and the Euro time zone. Secondly, they drew the conclus … More ion that the character of the euro as a regional international currency would not change in the foreseeable future. Because the euro does not enjoy the surroundings. The Deutsche mark became a European international currency in the 1990s with the help of the stable foreign exchange rate mechnism in the European Monetary System. Surrounded by the wealthy nations, the D-Mark worked mainly as a vehicle currency in Europe. Though the euro is also a regional international currency, it cannot enjoy such wealthy countries in its surroundings. On the global scene, the US dollar will be able to enjoy its global internationla currency because of the inetia effect of the international currency and its network externalities. So, the euro will not be invade the dollar arena. Thirdly, the euro will strengthen its role as an international currency in the CEECs based on the close economic connection with the CEECs. The euro is a political currency on the agreement of the EU nations and an aritificial currency without state which manage the euro. So, the CEECs will join the euro area in the near future. The euro area will enlarge, but the euro as an international currency will weaken itself because the CEECs will not use the euro as an international currency any more.However. the Euronean monetary cooperation based on the ERM and the ECU will give suggestions to a coming Less