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TheadventoftheEuropeanMonetaryUnion(EMU)in1999ledtoawidespreadrevivalofinterestinexch... The advent of the European Monetary Union (EMU) in 1999 led to a widespread revival of interest in exchange-rate arrangements for Asia, including the possibility of an Asian monetary union encompassing some or all of the East Asian countries. Before discussing the options and problems three preliminary observations:
(1) A full-fledged monetary union involves much more than the introduction of a single currency; it also involves the introduction of a single monetary policy and the creation of a single central-banking system. Two few recent writings on the case for an Asian monetary union pay enough attention to this matter and to the institutional framework required to create and govern such a system and render it accountable to the governments and citizens of the member countries.
(2) The transition to monetary union, including the crucial decisions about eligibility for membership, is a complicated process. Yet 5he path followed by Europe need not be mimicked fully by other country groups. It is necessary, however, to construct a real-time inter-bank settlement system and to eliminate those capital controls that would interfere with the prompt transmission of the single monetary policy.
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欧洲货币联盟(鸸)的出现在1999在交换率安排导致了普遍利率复苏为亚洲,包括包含一些或所有东亚国家的一个亚洲货币联盟的可能性。 在谈论选择和问题之前三初步观察: (1)一个完全的货币联盟比唯一货币的介绍介入much more; 它也介入一项唯一货币政策和一个唯一中央银行业务系统的创作的介绍。 二少量最近文字在盒为一个亚洲货币联盟给予足够的注意对这个问题和对要求的制度体系创造和治理这样系统和使它向成员国的政府和公民汇报。 (2)与货币联盟的转折,包括关键的决定关于合格为会员资格,是一个复杂的过程。 5he道路被欧洲跟随了不需要由其他国家小组充分地仿造。 它是必要的,然而,修建一个实时银行间的解决系统和消灭将干涉唯一货币政策的及时传输的那些资本控制。
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