欧洲货币联盟会迈向最优货币区吗?——法国调节学派视角下最优货币区的自我实现  

Will the European Monetary Union Move towards an Optimal Currency Area?——Self-Realization of Optimal Currency Area from the Perspective of French Régulation School

作　　者：胡琨 钟佳睿[4,5] HU Kun;ZHONG Jiarui

机构地区：[1]中国社会科学院大学国际政治经济学院 [2]中国社会科学院欧洲研究所 [3]中国社会科学院中德合作中心 [4]德国马丁路德哈勒大学法律与经济学院 [5]对外经济贸易大学成都研究院

出　　处：《欧洲研究》2022年第4期53-84,I0003,共33页Chinese Journal of European Studies

基　　金：国家社会科学基金项目“后危机时期欧元区金融体系改革及其启示研究”(批准号:18BGJ006);国家社会科学基金青年项目“百年大变局下中国与欧盟产业链协同发展研究”(批准号:21CGJ024)的阶段性成果。

摘　　要：欧洲货币联盟作为“非完全货币联盟”,其调节模式与积累体系并不完全匹配,因此时刻处于不对称冲击和经济失衡的风险之中。共同货币的引入虽然促进贸易、通胀和失业等一些指标趋同,但未能推动欧元区自动走向“最优货币区”。以劳动生产率和国际收支失衡为主要表现的失衡问题仍然存在,甚至有所加剧,并在国际金融危机的冲击下暴露无遗。基于欧洲推进经济一体化的共识和经济高度一体化的现状,欧盟更多地在技术层面着眼于引发危机的具体问题与制度漏洞,完善与经济积累体系相匹配的调节模式,以维持欧元区宏观经济的稳定运行;却在不经意间引进了共同债券与财政转移支付工具这两个财政联盟的基本要素,从而创造性地撬开了欧盟财政一体化的大门,使欧元区向“最优货币区”迈出了突破性的一步。欧元区的实践也在经验上为解释“内生性”最优货币区假说提供了不同的视角。As an “incomplete monetary union”,the regulation mode of the European Monetary Union is not fully compatible with its accumulation regime. As a result,it is often exposed to risks of asymmetric shocks and economic imbalances. Although the introduction of common currency has promoted the convergence of trade,inflation and unemployment,it has not automatically driven the Eurozone towards the establishment of an“optimal currency area”. The imbalance still exists or even becomes worsened,but it is now manifested in the divergence of the other indicators such as labor productivity and current account balance,which has been exposed recently in the international financial crisis. Given the consensus on further advancing economic integration and the reality of the high degree of its economic integration,the EU has been focusing on the specific problems and institutional loopholes that caused the economic crisis directly and directing its regulation mode to match its economic accumulation regime,in order to maintain the macroeconomic stability of the Eurozone.During the process,the EU inadvertently introduced common bonds and fiscal transfer payment instrument,the two basic elements of a fiscal union,which has,as a result,initiated the process of EU fiscal integration and brought the Eurozone a breakthrough towards an“optimal currency area”. Therefore,the Eurozone’s practice provides an alternative perspective for us to explain the “endogenous”hypothesis of optimal currency areas.

关 键 词：欧洲货币联盟 欧元区 法国调节学派 最优货币区 财政联盟 

分 类 号：F821[经济管理—财政学]