欧元区主权债务危机与欧元的前景  

作　　者：温军伟[1] 

机构地区：[1]中国人民银行,北京100035

出　　处：《金融理论与实践》2012年第1期44-50,共7页Financial Theory and Practice

摘　　要：欧元区并不是一个真正意义上的最优货币区,各国之间差异较大,财政政策与货币政策难以协调,欧元的福利外溢和隐形担保作用激励逆向选择和道德风险,这是促成欧元区债务危机的重要推手。欧元区主权债务危机短期内将削弱欧元的稳定和国际地位,但欧元和欧元区的"系统重要性"可以保证欧元不会崩溃。欧元区如能借机务实推动改革,中长期欧元仍将在国际货币体系中发挥重要作用。The euro area can not make up a real optimal currency area（OCA）, as great diversities exist among member countries, the cooperation between the fiscal policy and monetary policy is difficult, the adverse selection and moral hazard caused by welfare spillover and implicit guarantees of the euro. The euro plays an important role in the development of the sovereign debt crisis in the euro area. The sover- eign debt crisis may undermine the stability and the international status of the euro currency in the short term, but in the long run the euro will not collapse because of the ＂systemic importance ＂ of the euro and the euro area. If the euro area could push forward reforms, the euro will maintain its important role in the international currency system.

关 键 词：最优货币区 主权债务危机 欧元 

分 类 号：F821[经济管理—财政学]