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

这项研究旨在全面了解欧洲-欧洲单一货币在1999年引入后对世界经济的影响，特别是它对金融体系、国际货币结构和工业化国家之间的税收协调的影响。我们的研究结果可分为三个主要领域。H-E Scharrer博士概述了宏观经济表现，重点介绍了增长率的多样性、远高于目标的通货膨胀率、欧元汇率疲软等。在追求传统的经济货币联盟成本效益分析时，高滨先生试图引入额外的观点，即高通货膨胀率国家的净收益。田中教授重点介绍了欧盟委员会在2000年6月达成的“应对欧盟有害税收竞争的一揽子计划”。El-Agraa博士分析了引入…的问题对英国来说，更多的是欧元，并指出，从政治角度来看，英国是否加入EMU仍是不可预测的，尽管英国将不会有重大困难达到马斯特里赫特条约的标准和她自己的额外财政大臣布朗的五项测试。我们项目第二部分的主要主题是欧元区内的单一货币政策和金融监管。梅耶斯教授分析了贯穿整个欧元的单一货币政策将面临的不对称问题。梅耶斯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，并指出了整个欧盟实行新安排的原因。最后，在欧元的部分及其对金融体系的影响方面，岩田博士对主要工业化国家的资金流动进行了全面的比较分析，明确指出欧盟国家内部有一些证据表明金融体系正在向以市场为导向的方向趋同。Mariusz博士分析了中东欧国家为准备加入欧盟而进行的银行系统转型。最后，Kawanami博士解释了美国商业银行在引入欧洲期间和之后保持在欧洲并购中的主导地位的原因。我们的研究结果将以一本名为《Euro to EU no Kinyu Shisutemu(The Euro And EU Financial System)》的书的形式在2002年9月出版。较少

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