Euro: Promises of Integration
歐元：一體化的承諾
I Backgrounder
I 背景知識(shí)
With the collapse of the Bretton Woods system and the fluctuations (devaluation and revaluation) of the exchange rates inflicted upon major currencies of European nations, in The Hague in December 1969, the Heads of State and Government decided to make economic and monetary union (EMU) an official goal of European integration. It has set the tone for further measures, including the launching of the Euro.
隨著布萊頓森林體系的崩潰，加之歐洲國(guó)家主要貨幣飽受匯率動(dòng)蕩之苦（貶值和重新估價(jià)），1969年12月，歐洲國(guó)家元首和政府首腦在海牙決定將經(jīng)濟(jì)與貨幣聯(lián)盟設(shè)為歐洲一體化的官方目標(biāo)。它為今后所要采取的措施，包括歐元的發(fā)行， 奠定了基調(diào)。
Despite setbacks and disruptions during the depression of the 70's, the integration process again picked up steam with the creation of the European Monetary System (EMS) in 1979. Resolving to tackle the relatively high transaction costs linked to currency conversion and the uncertainties linked to exchange-rate fluctuations, Madrid European Council launched the first stage of EMU: full liberalization of capital movements in eight Member States by 1 July 1990. Meanwhile, Member States were to make significant progress towards economic policy convergence.
盡管在七十年代的蕭條時(shí)期遭受了干擾并出現(xiàn)了倒退，隨著1979年歐洲貨幣體系（EMS）的設(shè)立，一體化進(jìn)程又有了新的發(fā)展勢(shì)頭。為了解決貨幣兌換交易成本相對(duì)較高的問(wèn)題，以及匯率動(dòng)蕩的不確定性，馬德里歐盟委員會(huì)啟動(dòng)了歐洲貨幣聯(lián)盟的第一階段：在1990年7月1日之前實(shí)現(xiàn)其中八個(gè)成員國(guó)內(nèi)部資本流動(dòng)的完全自由化。同時(shí)，成員國(guó)要大力提高其經(jīng)濟(jì)政策的共通性。
This process should culminate in the introduction of the single currency by the end of the century. The conviction was growing in economic and financial circles that the Union would have withstood the recession more successfully if the single currency had existed. To this end, eurozone members must also make significant progress towards convergence of their economies.
這一進(jìn)程最終將于20世紀(jì)末引入單一貨幣。經(jīng)濟(jì)圈和金融界越來(lái)越相信，如果已經(jīng)有單一貨幣的話，歐盟就能更成功地抵御衰退所帶來(lái)的影響。為了這個(gè)目標(biāo)，歐元區(qū)的成員也必須致力于更高程度的經(jīng)濟(jì)共通性。
The weekend of 1, 2 and 3 May 1998 will go down in history as the most important milestone on the road to Economic and Monetary Union. On the basis of a recommendation adopted by the Ecofin Council (Economics and Finance Ministers) and having consulted the European Parliament, the Council, meeting at the level of Heads of State or Government, unanimously decided that eleven Member States, namely Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland, fulfilled the necessary conditions for adopting the single currency on 1 January 1999.
1998年5月1日到3日將作為通往經(jīng)濟(jì)與貨幣聯(lián)盟道路上的一個(gè)里程碑而被載入史冊(cè)?；诮?jīng)濟(jì)與財(cái)政部長(zhǎng)委員會(huì)所提交的建議，并與歐洲國(guó)會(huì)進(jìn)行磋商后，歐盟委員會(huì)召開(kāi)了國(guó)家元首和政府首腦級(jí)會(huì)議。會(huì)上一致同意11個(gè)成員國(guó)， 既比利時(shí)，德國(guó)，西班牙，法國(guó)，愛(ài)爾蘭，意大利，盧森堡，荷蘭，奧地利，葡萄牙和芬蘭，已經(jīng)具備了在1999年1月1日采用單一貨幣的必需條件。
The European Central Bank was therefore established on 1 June 1998, succeeding the European Monetary Institute and also based at Frankfurt. It became operational on 1 January 1999.
因此在1998年6月1日，歐洲中央銀行成立。它接替了原來(lái)的歐洲貨幣協(xié)會(huì)，但總部也設(shè)在法蘭克福。它于1999年1月1日開(kāi)始運(yùn)作。
II Qs&As
II 一問(wèn)一答
1.What is the euro?
1.何為歐元？
The euro is the European Union's single currency, which arrived in cashless form after years of negotiations and preparation on January 1 1999 when 11 EU countries formed an Economic and Monetary Union (EMU) and irrevocably locked the exchange rates of their currencies against the euro.
歐元是歐盟的單一貨幣。歐盟的十一個(gè)成員國(guó)經(jīng)過(guò)多年的談判及準(zhǔn)備，于1999年1月1日成立經(jīng)濟(jì)與貨幣聯(lián)盟（EMU），歐元也以非現(xiàn)款形式出現(xiàn)，同時(shí)歐元與各國(guó)現(xiàn)行貨幣的匯率也被固定，且不可撤消。
Greece became the twelfth member when it joined the euro on January 1 2001.
希臘于2001年1月1日加入歐元區(qū)，成為第十二個(gè)成員國(guó)。
Although the euro zone's citizens are using their own bank notes and coins, they are no longer stand-alone currencies, but subdivisions of the euro. Their value against the euro is irrevocably fixed. So 1 euro is the same as 166.386 Spanish pesetas or 6.56 French francs. There are 100 cents in a euro, sometimes called euro cents.
歐元區(qū)居民仍在使用的紙幣和鑄幣已不再是獨(dú)一無(wú)二的貨幣，而是已成為歐元的一部分。這些貨幣與歐元的匯率已被固定下來(lái)，且不可撤消。因此，1歐元相當(dāng)于166.386西班牙幣，或6.56法國(guó)法郎。一歐元相當(dāng)于100分，或稱為歐分。
On January 1 2002, euro notes and coins will come into circulation. The scale of the project presents a massive logistical challenge: 14.25bn new banknotes, representing E642bn and 56bn coins, weighing thousands of tons, will have to be minted.
2002年1月1日，歐元的紙幣和鑄幣將開(kāi)始流通。此次流通的規(guī)模帶來(lái)了巨大的物流挑戰(zhàn)：鑄造142.5億張新紙幣，相當(dāng)于6420億歐元，還有560億枚硬幣，其鑄造原料重達(dá)上千噸。
Banks already conduct transactions in euros; checks, credit transfers and direct debits can be denominated in them; equities are priced in euros; and foreign exchange dealers trade in euros.
銀行已經(jīng)開(kāi)始辦理歐元業(yè)務(wù)；支票，轉(zhuǎn)帳和直接借記業(yè)務(wù)可以通過(guò)歐元進(jìn)行交易；股票用歐元計(jì)值；外匯交易商用歐元進(jìn)行買賣。
There will be seven euro notes and eight euro coins. The notes will be: 500, 200, 100, 50, 20, 10, and 5 euro. The coins will be: 2 euro, 1 euro, 50 euro cent, 20 euro cent, 10 euro cent, 5 euro cent, 2 euro cent, and 1 euro cent.
歐元總共有七種紙幣和八種鑄幣。紙幣面值為500，200，100，50，20，10 ，5歐元。鑄幣分為2歐元，1歐元，50歐分，20歐分，10歐分，5歐分，2歐分和1歐分。
2.Who are members?
2.哪些國(guó)家為歐元的成員國(guó)？
Twelve states now make up the euro zone. They are Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain.
歐元區(qū)目前由12個(gè)國(guó)家組成：奧地利，比利時(shí)，芬蘭，法國(guó)，德國(guó)，希臘，愛(ài)爾蘭，意大利，盧森堡，荷蘭，葡萄牙和西班牙。
Danish voters on September 28 2000 became the first European citizens to decide by popular referendum whether to adopt the euro. In the final count, 53.1 per cent voted against the euro.
2000年9月28日丹麥人進(jìn)行了全民公決，這是歐洲最早通過(guò)投票表決是否接受歐元的國(guó)家。最后一輪計(jì)票結(jié)果顯示，53.1%的丹麥人反對(duì)使用歐元。
The governments of UK and Sweden have decided to stay outside the euro for the time being.
英國(guó)和瑞典政府決定暫時(shí)不加入歐元區(qū)。
3.Can any country join the euro?
3.任何一個(gè)國(guó)家都可以加入歐元區(qū)嗎？
In order to join the euro a country must be a member of the European Union and be able to pass economic tests set out by the Maastricht Treaty.
只有歐盟的成員國(guó)在通過(guò)馬斯特里赫特條約設(shè)定的經(jīng)濟(jì)測(cè)試后才有資格加入歐元區(qū)。
The Treaty requires economies to have achieved certain levels of performance on inflation, public deficits and debts, exchange rates and interest rates. These targets ensure not only stable economic conditions but also a degree of convergence between participating member states which allows EMU to function smoothly.
條約規(guī)定經(jīng)濟(jì)實(shí)體國(guó)家必須在通貨膨脹，公共赤字及債務(wù)，匯率和利率方面具有一定水平的控制能力。這些目標(biāo)不僅可以確保穩(wěn)定的經(jīng)濟(jì)環(huán)境，同時(shí)也保證了加入歐元區(qū)國(guó)家間一定水平的融合程度，從而使得經(jīng)濟(jì)和貨幣聯(lián)盟能夠正常運(yùn)作。
The terms of the Treaty are that:
條約具體內(nèi)容如下：
Annual government deficit must not exceed 3 per cent of GDP.
每年政府的財(cái)政赤字必須低于國(guó)內(nèi)生產(chǎn)總值的3%。
Total outstanding government debt must not exceed 60 per cent of GDP.
政府有償債務(wù)的總值必須低于國(guó)內(nèi)生產(chǎn)總值的60%。
Rate of inflation within 1.5 percentage points of the three best performing EU countries.
通貨膨脹率在歐盟通脹率最低的三個(gè)國(guó)家平均指數(shù)上下1.5%的波動(dòng)范圍內(nèi)。
Average nominal long-term interest rate must be within 2 percentage points of the average rate in the three countries with the lowest inflation rates.
記名的長(zhǎng)期利率平均值在三個(gè)通脹率最低國(guó)家的長(zhǎng)期利率平均值上下2%的波動(dòng)范圍內(nèi)。
Exchange rate stability, meaning that for at least 2 years the currency has kept within the "normal" fluctuation margins of European Exchange Rate Mechanism (ERM).
匯率的穩(wěn)定性是指，至少在兩年以內(nèi)，現(xiàn)行貨幣的波動(dòng)水平維持在歐洲匯率機(jī)制的正常范圍之內(nèi)。
The European Council makes the final judgment on whether a member state fulfils the necessary conditions for the adoption of the euro.
歐洲委員會(huì)對(duì)成員國(guó)是否具備加入歐元區(qū)的必要條件作最終的判斷。
歐元：一體化的承諾
I Backgrounder
I 背景知識(shí)
With the collapse of the Bretton Woods system and the fluctuations (devaluation and revaluation) of the exchange rates inflicted upon major currencies of European nations, in The Hague in December 1969, the Heads of State and Government decided to make economic and monetary union (EMU) an official goal of European integration. It has set the tone for further measures, including the launching of the Euro.
隨著布萊頓森林體系的崩潰，加之歐洲國(guó)家主要貨幣飽受匯率動(dòng)蕩之苦（貶值和重新估價(jià)），1969年12月，歐洲國(guó)家元首和政府首腦在海牙決定將經(jīng)濟(jì)與貨幣聯(lián)盟設(shè)為歐洲一體化的官方目標(biāo)。它為今后所要采取的措施，包括歐元的發(fā)行， 奠定了基調(diào)。
Despite setbacks and disruptions during the depression of the 70's, the integration process again picked up steam with the creation of the European Monetary System (EMS) in 1979. Resolving to tackle the relatively high transaction costs linked to currency conversion and the uncertainties linked to exchange-rate fluctuations, Madrid European Council launched the first stage of EMU: full liberalization of capital movements in eight Member States by 1 July 1990. Meanwhile, Member States were to make significant progress towards economic policy convergence.
盡管在七十年代的蕭條時(shí)期遭受了干擾并出現(xiàn)了倒退，隨著1979年歐洲貨幣體系（EMS）的設(shè)立，一體化進(jìn)程又有了新的發(fā)展勢(shì)頭。為了解決貨幣兌換交易成本相對(duì)較高的問(wèn)題，以及匯率動(dòng)蕩的不確定性，馬德里歐盟委員會(huì)啟動(dòng)了歐洲貨幣聯(lián)盟的第一階段：在1990年7月1日之前實(shí)現(xiàn)其中八個(gè)成員國(guó)內(nèi)部資本流動(dòng)的完全自由化。同時(shí)，成員國(guó)要大力提高其經(jīng)濟(jì)政策的共通性。
This process should culminate in the introduction of the single currency by the end of the century. The conviction was growing in economic and financial circles that the Union would have withstood the recession more successfully if the single currency had existed. To this end, eurozone members must also make significant progress towards convergence of their economies.
這一進(jìn)程最終將于20世紀(jì)末引入單一貨幣。經(jīng)濟(jì)圈和金融界越來(lái)越相信，如果已經(jīng)有單一貨幣的話，歐盟就能更成功地抵御衰退所帶來(lái)的影響。為了這個(gè)目標(biāo)，歐元區(qū)的成員也必須致力于更高程度的經(jīng)濟(jì)共通性。
The weekend of 1, 2 and 3 May 1998 will go down in history as the most important milestone on the road to Economic and Monetary Union. On the basis of a recommendation adopted by the Ecofin Council (Economics and Finance Ministers) and having consulted the European Parliament, the Council, meeting at the level of Heads of State or Government, unanimously decided that eleven Member States, namely Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland, fulfilled the necessary conditions for adopting the single currency on 1 January 1999.
1998年5月1日到3日將作為通往經(jīng)濟(jì)與貨幣聯(lián)盟道路上的一個(gè)里程碑而被載入史冊(cè)?；诮?jīng)濟(jì)與財(cái)政部長(zhǎng)委員會(huì)所提交的建議，并與歐洲國(guó)會(huì)進(jìn)行磋商后，歐盟委員會(huì)召開(kāi)了國(guó)家元首和政府首腦級(jí)會(huì)議。會(huì)上一致同意11個(gè)成員國(guó)， 既比利時(shí)，德國(guó)，西班牙，法國(guó)，愛(ài)爾蘭，意大利，盧森堡，荷蘭，奧地利，葡萄牙和芬蘭，已經(jīng)具備了在1999年1月1日采用單一貨幣的必需條件。
The European Central Bank was therefore established on 1 June 1998, succeeding the European Monetary Institute and also based at Frankfurt. It became operational on 1 January 1999.
因此在1998年6月1日，歐洲中央銀行成立。它接替了原來(lái)的歐洲貨幣協(xié)會(huì)，但總部也設(shè)在法蘭克福。它于1999年1月1日開(kāi)始運(yùn)作。
II Qs&As
II 一問(wèn)一答
1.What is the euro?
1.何為歐元？
The euro is the European Union's single currency, which arrived in cashless form after years of negotiations and preparation on January 1 1999 when 11 EU countries formed an Economic and Monetary Union (EMU) and irrevocably locked the exchange rates of their currencies against the euro.
歐元是歐盟的單一貨幣。歐盟的十一個(gè)成員國(guó)經(jīng)過(guò)多年的談判及準(zhǔn)備，于1999年1月1日成立經(jīng)濟(jì)與貨幣聯(lián)盟（EMU），歐元也以非現(xiàn)款形式出現(xiàn)，同時(shí)歐元與各國(guó)現(xiàn)行貨幣的匯率也被固定，且不可撤消。
Greece became the twelfth member when it joined the euro on January 1 2001.
希臘于2001年1月1日加入歐元區(qū)，成為第十二個(gè)成員國(guó)。
Although the euro zone's citizens are using their own bank notes and coins, they are no longer stand-alone currencies, but subdivisions of the euro. Their value against the euro is irrevocably fixed. So 1 euro is the same as 166.386 Spanish pesetas or 6.56 French francs. There are 100 cents in a euro, sometimes called euro cents.
歐元區(qū)居民仍在使用的紙幣和鑄幣已不再是獨(dú)一無(wú)二的貨幣，而是已成為歐元的一部分。這些貨幣與歐元的匯率已被固定下來(lái)，且不可撤消。因此，1歐元相當(dāng)于166.386西班牙幣，或6.56法國(guó)法郎。一歐元相當(dāng)于100分，或稱為歐分。
On January 1 2002, euro notes and coins will come into circulation. The scale of the project presents a massive logistical challenge: 14.25bn new banknotes, representing E642bn and 56bn coins, weighing thousands of tons, will have to be minted.
2002年1月1日，歐元的紙幣和鑄幣將開(kāi)始流通。此次流通的規(guī)模帶來(lái)了巨大的物流挑戰(zhàn)：鑄造142.5億張新紙幣，相當(dāng)于6420億歐元，還有560億枚硬幣，其鑄造原料重達(dá)上千噸。
Banks already conduct transactions in euros; checks, credit transfers and direct debits can be denominated in them; equities are priced in euros; and foreign exchange dealers trade in euros.
銀行已經(jīng)開(kāi)始辦理歐元業(yè)務(wù)；支票，轉(zhuǎn)帳和直接借記業(yè)務(wù)可以通過(guò)歐元進(jìn)行交易；股票用歐元計(jì)值；外匯交易商用歐元進(jìn)行買賣。
There will be seven euro notes and eight euro coins. The notes will be: 500, 200, 100, 50, 20, 10, and 5 euro. The coins will be: 2 euro, 1 euro, 50 euro cent, 20 euro cent, 10 euro cent, 5 euro cent, 2 euro cent, and 1 euro cent.
歐元總共有七種紙幣和八種鑄幣。紙幣面值為500，200，100，50，20，10 ，5歐元。鑄幣分為2歐元，1歐元，50歐分，20歐分，10歐分，5歐分，2歐分和1歐分。
2.Who are members?
2.哪些國(guó)家為歐元的成員國(guó)？
Twelve states now make up the euro zone. They are Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain.
歐元區(qū)目前由12個(gè)國(guó)家組成：奧地利，比利時(shí)，芬蘭，法國(guó)，德國(guó)，希臘，愛(ài)爾蘭，意大利，盧森堡，荷蘭，葡萄牙和西班牙。
Danish voters on September 28 2000 became the first European citizens to decide by popular referendum whether to adopt the euro. In the final count, 53.1 per cent voted against the euro.
2000年9月28日丹麥人進(jìn)行了全民公決，這是歐洲最早通過(guò)投票表決是否接受歐元的國(guó)家。最后一輪計(jì)票結(jié)果顯示，53.1%的丹麥人反對(duì)使用歐元。
The governments of UK and Sweden have decided to stay outside the euro for the time being.
英國(guó)和瑞典政府決定暫時(shí)不加入歐元區(qū)。
3.Can any country join the euro?
3.任何一個(gè)國(guó)家都可以加入歐元區(qū)嗎？
In order to join the euro a country must be a member of the European Union and be able to pass economic tests set out by the Maastricht Treaty.
只有歐盟的成員國(guó)在通過(guò)馬斯特里赫特條約設(shè)定的經(jīng)濟(jì)測(cè)試后才有資格加入歐元區(qū)。
The Treaty requires economies to have achieved certain levels of performance on inflation, public deficits and debts, exchange rates and interest rates. These targets ensure not only stable economic conditions but also a degree of convergence between participating member states which allows EMU to function smoothly.
條約規(guī)定經(jīng)濟(jì)實(shí)體國(guó)家必須在通貨膨脹，公共赤字及債務(wù)，匯率和利率方面具有一定水平的控制能力。這些目標(biāo)不僅可以確保穩(wěn)定的經(jīng)濟(jì)環(huán)境，同時(shí)也保證了加入歐元區(qū)國(guó)家間一定水平的融合程度，從而使得經(jīng)濟(jì)和貨幣聯(lián)盟能夠正常運(yùn)作。
The terms of the Treaty are that:
條約具體內(nèi)容如下：
Annual government deficit must not exceed 3 per cent of GDP.
每年政府的財(cái)政赤字必須低于國(guó)內(nèi)生產(chǎn)總值的3%。
Total outstanding government debt must not exceed 60 per cent of GDP.
政府有償債務(wù)的總值必須低于國(guó)內(nèi)生產(chǎn)總值的60%。
Rate of inflation within 1.5 percentage points of the three best performing EU countries.
通貨膨脹率在歐盟通脹率最低的三個(gè)國(guó)家平均指數(shù)上下1.5%的波動(dòng)范圍內(nèi)。
Average nominal long-term interest rate must be within 2 percentage points of the average rate in the three countries with the lowest inflation rates.
記名的長(zhǎng)期利率平均值在三個(gè)通脹率最低國(guó)家的長(zhǎng)期利率平均值上下2%的波動(dòng)范圍內(nèi)。
Exchange rate stability, meaning that for at least 2 years the currency has kept within the "normal" fluctuation margins of European Exchange Rate Mechanism (ERM).
匯率的穩(wěn)定性是指，至少在兩年以內(nèi)，現(xiàn)行貨幣的波動(dòng)水平維持在歐洲匯率機(jī)制的正常范圍之內(nèi)。
The European Council makes the final judgment on whether a member state fulfils the necessary conditions for the adoption of the euro.
歐洲委員會(huì)對(duì)成員國(guó)是否具備加入歐元區(qū)的必要條件作最終的判斷。