The Research on the Impact of the Introduction of the Euro on the World Economy

本研究旨在全面了解1999年欧洲单一货币引入后的世界经济，特别是其对金融体系、国际货币结构和工业化国家间税收协调的影响。我们的研究结果可以分为三个主要方面：第一部分是对当前围绕欧元的主题的概述。H-E Scharrer博士对宏观经济表现进行了概述，重点是增长率的多样性，远高于目标的通货膨胀率，欧元汇率的疲软等。在对EMU进行传统的成本效益分析时，Takahama先生试图引入高通货膨胀率国家净收益的额外观点。田中教授重点介绍了2000年6月欧盟委员会通过的“解决欧盟有害税收竞争的一揽子计划”。 关于我们 本文的第二部分主要讨论了欧元区的单一货币政策和金融监管问题，并指出英国能否加入欧洲货币联盟，从政治角度来看，仍然是不可预测的，尽管英国在满足马斯特里赫特条约的标准和英国财政大臣布朗的额外五项测试方面没有什么大的困难。梅耶斯教授分析了以欧元为核心的单一货币政策所面临的非对称性问题。Mayes博士和岩田博士随后讨论了引入欧元后银行和证券监管的新层面，并指出了整个欧盟新安排的原因。最后，在欧元及其对金融体系的影响部分，岩田博士对主要工业化国家的资金流量账户进行了深入的比较分析，明确指出，有一些证据表明，在欧盟国家的金融体系向市场导向的一个融合。Mariusz博士分析了中欧和东欧国家在准备加入欧盟时银行系统的转型。最后，川波教授对在欧洲引进欧元的过程中和引进欧元后，美国商业银行在欧洲并购中保持优势地位的原因进行了说明。本研究结果将于2002年9月出版《欧元与欧盟金融体系》一书。少

This research has been pursued to reach comprehensive understandings of the World Economy after the introduction of the Euro-European Single currency in 1999, especially focusing on its impact on Financial Systems, International Currency Structures and the Tax Harmonisation amongst industrialised countries.Our findings can be classified into three main fields.First part is on the overview of the current topics around the Euro. Dr. H-E Scharrer gave an overview of the Macro Economic performance focusing on the diversity of growth rate, inflation rate which has been well above the target, the weakness of the Euro exchange rate etc. In pursuing traditional cost-benefit analysis of the EMU, Mr. Takahama tried to introduce the additional viewpoint of net gains for the countries with high inflation rate. Prof. Dr. Tanaka focused on the European Commission's 'A package to tackle harmful tax competition in the EU', agreed in June, 2000.Prof. Dr. El-Agraa analyzed the problem of the introductio … More n of the Euro for the UK, and pointed out that it was still unpredictable from a political viewpoint whether the UK would join the EMU, although Britain will have no major difficulties meeting the Maastricht treaty criteria and her own extra Chancellor Brown's five tests.Main subjects of the Second Part of our project are on the single monetary policy and financial supervision within the Euro area. Prof. Dr. Mayes analyzed the problems of asymmetry, with which the single monetary policy thorough the Euro are to be faced. Dr. Mayes and Dr. Iwata then discussed new dimensions of the banking and securities regulations and supervisions after the introduction of the Euro and pointed out the reason for new arrangements throughout the EU.Lastly, in the part of Euro and its impact on financial systems, Dr. Iwata, thorough comparative analysis of Flow of Funds Accounts of main industrialised countries, made clear that there are some evidences within the EU countries for the convergence of Financial Systems into the market-oriented one. Dr. Mariusz, analyzed the transformation of the banking systems within Central and Eastern European Countries in preparation to join the EU. Lastly, Prof. Dr. Kawanami elucidated the reason for the US merchant banks to have maintained the dominant position in the European M＆A during and after the introduction of the EuroThese results of our research are to be published as a book titled, 'Euro to EU no Kinyu Shisutemu (The Euro and EU Financial System)', in September 2002. Less