链典4矮降贸多大 高级商务英语阅读 Supplementary Reading for Chapter 3 Borders and Barriers The Euro The euro(EUR or e)is the currency of twelve of the fifteen countries that form the European Union (and some outside it).It is the result of the most significant monetary reform in Europe since the rise of Rome.Though the introduction of the euro can be seen simply as a mechanism for perfecting the Single European Market,facilitating free trade between the members of the Eurozone,the euro is also a key part of the European project of political integration. Characteristics The euro is divided into 100 cents.All euro coins have a common side showing the worth and a national side showing an image particular to the country it was issued in.Euro banknotes have a common design for each denomination on both sides.All the different coins can be used in all the participating member states:a euro coin bearing an image of the Spanish king is legal tender not only in Spain,but also in Finland(and other nations where the euro is in use).(This practice is similar to that used on sterling pound coins:there are Scottish,Welsh,Northern Irish,English and 'Royal'designs for one side,while the other side features a uniform design,and each is legal tender throughout the United Kingdom.) Official practice followed in English-language EU legislation is to use the words euro and cent as both singular and plural.However normal usage outside of such legislation is to use the plurals euros and cents;this somewhat inconsistent position is actually endorsed by the European Commission Translation Service.A small amount of variation of these basic terms exists in the various languages of the member states:for example the Finnish term for the cent is sentti and the Greek term is AsTrro(lepto).The plurals euros and cents are also officially used in Spanish and French.In Portugal,the plural euros is used and the words centimo/centimos are widely used instead of cent/cents.Although cent is the official term in France and Belgium,most French and French-speaking Belgian people still use the older term centime to avoid confusion with the word cent meaning hundred,and in the habit of the subdivision of a French Franc divided into 100 第1页共7页
高级商务英语阅读 Supplementary Reading for Chapter 3 Borders and Barriers The Euro The euro (EUR or €) is the currency of twelve of the fifteen countries that form the European Union (and some outside it). It is the result of the most significant monetary reform in Europe since the rise of Rome. Though the introduction of the euro can be seen simply as a mechanism for perfecting the Single European Market, facilitating free trade between the members of the Eurozone, the euro is also a key part of the European project of political integration. Characteristics The euro is divided into 100 cents. All euro coins have a common side showing the worth and a national side showing an image particular to the country it was issued in. Euro banknotes have a common design for each denomination on both sides. All the different coins can be used in all the participating member states: a euro coin bearing an image of the Spanish king is legal tender not only in Spain, but also in Finland (and other nations where the euro is in use). (This practice is similar to that used on sterling pound coins: there are Scottish, Welsh, Northern Irish, English and 'Royal' designs for one side, while the other side features a uniform design, and each is legal tender throughout the United Kingdom.) Official practice followed in English-language EU legislation is to use the words euro and cent as both singular and plural. However normal usage outside of such legislation is to use the plurals euros and cents; this somewhat inconsistent position is actually endorsed by the European Commission Translation Service. A small amount of variation of these basic terms exists in the various languages of the member states: for example the Finnish term for the cent is sentti and the Greek term is λεπτο (lepto). The plurals euros and cents are also officially used in Spanish and French. In Portugal, the plural euros is used and the words cêntimo/cêntimos are widely used instead of cent/cents. Although cent is the official term in France and Belgium, most French and French-speaking Belgian people still use the older term centime to avoid confusion with the word cent meaning hundred, and in the habit of the subdivision of a French Franc divided into 100 第 1 页 共 7 页
碰男将多大是 高级商务英语阅读 centimes.Likewise,in Spain centimo is still frequently heard.In Irish one speaks of euro and ceint as the plurals.In English-speaking Ireland,both euros and euro may be heard for the plural,or occasionally quid.Speaking of several cent would be unusual. The euro is administered by the European System of Central Banks(ESCB),composed of the European Central Bank(ECB)and the national central banks of the member states participating in the euro.The ECB (headquartered in Frankfurt am Main,Germany)has sole authority to set monetary policy;the other members of the ESCB participate in the printing,minting and distribution of notes and coins,and the operation of the Eurozone payment system. Transition The euro was established by the provisions in the 1992 Maastricht Treaty on European Union relating to establishing an economic and monetary union.In order to participate in the new currency, member states had to meet strict criteria such as a budget deficit of less than 3%of GDP,a debt ratio of less than 60%of GDP,combined with low inflation and interest rates close to the EU average. The currency was introduced in non-physical form(traveller's checks,electronic transfers,banking, etc.)at midnight on January 1,1999,when the national currencies of participating countries (the Eurozone)ceased to exist independently in that their exchange rates were locked at fixed rates against each other,effectively making them mere subdivisions of the euro;the Euro thus became the successor to the older European Currency Unit (ECU).The notes and coins for the old currencies,however,continued to be used as legal tender until new notes and coins were introduced on January 1,2002 and the changeover period ended on February 28,2002. The changeover period during which the former currencies'notes and coins were exchanged for those of the euro generally lasted two months.The official date on which the national currencies ceased to be legal tender varied from member state to member state.The earliest date was in Germany,where the Deutschmark officially ceased to be legal tender on December 31,2001, though the exchange period lasted two months.The final date was February 28,2002,by which all national currencies ceased to be legal tender in their respective member states.(Note that some of 第2页共7页
高级商务英语阅读 centimes. Likewise, in Spain céntimo is still frequently heard. In Irish one speaks of euro and ceint as the plurals. In English-speaking Ireland, both euros and euro may be heard for the plural, or occasionally quid. Speaking of several cent would be unusual. The euro is administered by the European System of Central Banks (ESCB), composed of the European Central Bank (ECB) and the national central banks of the member states participating in the euro. The ECB (headquartered in Frankfurt am Main, Germany) has sole authority to set monetary policy; the other members of the ESCB participate in the printing, minting and distribution of notes and coins, and the operation of the Eurozone payment system. Transition The euro was established by the provisions in the 1992 Maastricht Treaty on European Union relating to establishing an economic and monetary union. In order to participate in the new currency, member states had to meet strict criteria such as a budget deficit of less than 3% of GDP, a debt ratio of less than 60% of GDP, combined with low inflation and interest rates close to the EU average. The currency was introduced in non-physical form (traveller's checks, electronic transfers, banking, etc.) at midnight on January 1, 1999, when the national currencies of participating countries (the Eurozone) ceased to exist independently in that their exchange rates were locked at fixed rates against each other, effectively making them mere subdivisions of the euro; the Euro thus became the successor to the older European Currency Unit (ECU). The notes and coins for the old currencies, however, continued to be used as legal tender until new notes and coins were introduced on January 1, 2002 and the changeover period ended on February 28, 2002. The changeover period during which the former currencies' notes and coins were exchanged for those of the euro generally lasted two months. The official date on which the national currencies ceased to be legal tender varied from member state to member state. The earliest date was in Germany, where the Deutschmark officially ceased to be legal tender on December 31, 2001, though the exchange period lasted two months. The final date was February 28, 2002, by which all national currencies ceased to be legal tender in their respective member states. (Note that some of 第 2 页 共 7 页
碰男华经海贸多大号 高级商务英语阅读 these dates were earlier than was originally planned.)However,even after that they will continue to be accepted by national central banks for several years,and in some states for decades hence. The earliest coins to become non-convertible were the Portuguese escudos,which ceased to have monetary value after 31 December 2002,although banknotes remain exchangeable until 2022. Although some countries are not printing the bigger banknotes such as 500 euro and 200 euro,all banknotes are legal tender throughout the Eurozone.Finland decided not to mint or circulate 1 cent and 2 cent coins,except in small numbers for collectors.All cash transactions in Finland ending in 1 or 2 cents are rounded down and 3 or 4 cents are rounded up. Eurozone membership At present the member states participating in the euro are Austria,Belgium,Finland,France, Germany,Greece,Ireland,Italy,Luxembourg,Netherlands,Portugal,and Spain.These countries are frequently referred to as the "Eurozone"or as "Euroland". Andorra,Monaco,San Marino,and Vatican City also use the euro,although they are not officially euro members,nor members of the EU.(They had previously used currencies that have been replaced by the euro.)Of these,Monaco,San Marino and Vatican City mint their own coins,with their own national symbols on the reverse.Andorra uses French and Spanish coins,since it used to use the French franc and Spanish peseta as its currencies.These countries use the euro by virtue of agreements concluded with EU member states (Italy in the case of San Marino and Vatican City,France in the case of Monaco),approved by the Council of the European Union. Montenegro and Kosovo,which used to have the German mark as their currency,also adopted the euro,although unlike the above four countries,they have not entered into any legal arrangements with the EU explicitly permitting them to do so.The countries which had their currencies fixed to the mark,such as Bulgaria and Estonia,have consequently fixed to euros.Cape Verde that had its currency fixed to the Portuguese escudo,have also fixed to euros.Since February 2,2002,the Lithuanian litas(LTL)has been repegged to euros from US dollars. Denmark and the United Kingdom were granted derogations in protocols to the Treaty on 第3页共7页
高级商务英语阅读 these dates were earlier than was originally planned.) However, even after that they will continue to be accepted by national central banks for several years, and in some states for decades hence. The earliest coins to become non-convertible were the Portuguese escudos, which ceased to have monetary value after 31 December 2002, although banknotes remain exchangeable until 2022. Although some countries are not printing the bigger banknotes such as 500 euro and 200 euro, all banknotes are legal tender throughout the Eurozone. Finland decided not to mint or circulate 1 cent and 2 cent coins, except in small numbers for collectors. All cash transactions in Finland ending in 1 or 2 cents are rounded down and 3 or 4 cents are rounded up. Eurozone membership At present the member states participating in the euro are Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain. These countries are frequently referred to as the "Eurozone" or as "Euroland". Andorra, Monaco, San Marino, and Vatican City also use the euro, although they are not officially euro members, nor members of the EU. (They had previously used currencies that have been replaced by the euro.) Of these, Monaco, San Marino and Vatican City mint their own coins, with their own national symbols on the reverse. Andorra uses French and Spanish coins, since it used to use the French franc and Spanish peseta as its currencies. These countries use the euro by virtue of agreements concluded with EU member states (Italy in the case of San Marino and Vatican City, France in the case of Monaco), approved by the Council of the European Union. Montenegro and Kosovo, which used to have the German mark as their currency, also adopted the euro, although unlike the above four countries, they have not entered into any legal arrangements with the EU explicitly permitting them to do so. The countries which had their currencies fixed to the mark, such as Bulgaria and Estonia, have consequently fixed to euros. Cape Verde that had its currency fixed to the Portuguese escudo, have also fixed to euros. Since February 2, 2002, the Lithuanian litas (LTL) has been repegged to euros from US dollars. Denmark and the United Kingdom were granted derogations in protocols to the Treaty on 第 3 页 共 7 页
链潮4将置多大号 高级商务英语阅读 European Union;they are not legally required to join the euro unless their governments decide otherwise.Sweden was not granted a derogation by any protocol;nevertheless,Sweden decided in 1997 not to join the euro from the outset,and therefore made no effort to fulfil the required criterion of a stable exchange rate.Sweden had a referendum on the euro on September 14,2003, and the voters decided against the euro,with the following figures:Yes 41.8%,No 56.1%.This postponed a decision for at least five years. The British government under prime minister Tony Blair has committed itself to a triple-approval procedure before joining the euro,involving approval by the Cabinet,Parliament,and the British electorate in a referendum.Unlike in many other European countries,where the euro is seen as an essential building block in a more politically integrated Europe,in the United Kingdom the possible benefits of eurozone membership are seen as principally economic,and an assessment of British membership based on five economic tests was published on June 9,2003 by Chancellor of the Exchequer Gordon Brown.Though maintaining the Government's positive view on the euro,the report came out against membership for the moment,citing the fact that four out of five tests were failed.Brown also said that the best exchange rate for the UK to join the euro would see it valued at 73 pence [1],a value which it has not so far attained,though this value has not been formalised as an official condition of entry.Opinion polls in the UK have shown an increasing majority of the British public to be against joining the euro on grounds of perceived loss of political and economic sovereignty,and a referendum in the near future is generally considered to be increasingly unlikely. To any new members of the EU that are to join after the euro was introduced the single currency is part of the package of EU membership.Showing the ability to move towards the criteria of euro membership is one condition to EU membership and once they become EU members they will participate in the European Exchange Rate Mechanism,linking their currencies to the euro.Once they fulfill all the necessary conditions to adoption of the euro they will join the single currency. there being no derogations for new members for staying out.Ten countries are set to join the EU on May 1,2004:Estonia,Latvia,Lithuania,Poland,the Czech Republic,Hungary,Slovakia,Slovenia, Malta and Cyprus and these can be expected to one day adopt the euro,though this is not expected to happen until at least 2007. 第4页共7页
高级商务英语阅读 European Union; they are not legally required to join the euro unless their governments decide otherwise. Sweden was not granted a derogation by any protocol; nevertheless, Sweden decided in 1997 not to join the euro from the outset, and therefore made no effort to fulfil the required criterion of a stable exchange rate. Sweden had a referendum on the euro on September 14, 2003, and the voters decided against the euro, with the following figures: Yes 41.8%, No 56.1%. This postponed a decision for at least five years. The British government under prime minister Tony Blair has committed itself to a triple-approval procedure before joining the euro, involving approval by the Cabinet, Parliament, and the British electorate in a referendum. Unlike in many other European countries, where the euro is seen as an essential building block in a more politically integrated Europe, in the United Kingdom the possible benefits of eurozone membership are seen as principally economic, and an assessment of British membership based on five economic tests was published on June 9, 2003 by Chancellor of the Exchequer Gordon Brown. Though maintaining the Government's positive view on the euro, the report came out against membership for the moment, citing the fact that four out of five tests were failed. Brown also said that the best exchange rate for the UK to join the euro would see it valued at 73 pence [1], a value which it has not so far attained, though this value has not been formalised as an official condition of entry. Opinion polls in the UK have shown an increasing majority of the British public to be against joining the euro on grounds of perceived loss of political and economic sovereignty, and a referendum in the near future is generally considered to be increasingly unlikely. To any new members of the EU that are to join after the euro was introduced the single currency is part of the package of EU membership. Showing the ability to move towards the criteria of euro membership is one condition to EU membership and once they become EU members they will participate in the European Exchange Rate Mechanism, linking their currencies to the euro. Once they fulfill all the necessary conditions to adoption of the euro they will join the single currency, there being no derogations for new members for staying out. Ten countries are set to join the EU on May 1, 2004: Estonia, Latvia, Lithuania, Poland, the Czech Republic, Hungary, Slovakia, Slovenia, Malta and Cyprus and these can be expected to one day adopt the euro, though this is not expected to happen until at least 2007. 第 4 页 共 7 页
链喇哈餐多方孝 高级商务英语阅读 Effects of a single currency Having a single currency is expected to increase the economic interdependency of and the ease of trade between the EU members that have adopted the euro.This is likely to be beneficial for all citizens of the euro area,as increases in trade are historically one of the main driving forces of economic growth.Moreover,this would fit with the long-term purpose of a unified market within the European Union. A major benefit is the removal of bank currency transaction charges that previously was a significant cost to both individuals and businesses when changing from one currency to another. Conversely,banks will suffer a significant reduction in profits with the loss of this income. A second effect of the common European currency is that differences in prices-in particular in price levels-will decrease.Differences in prices can trigger arbitrage,e.g.trade between countries, which will equalise prices across the euro area.Often this will also result in increased competition between companies,which should help to contain inflation and which therefore will be beneficial to consumers. Some economists are concerned about the possible dangers of adopting a single currency for a large and diverse area.Because the Eurozone has a single monetary policy,set by the ECB,it cannot be fine-tuned for the economic situation in each individual country.Public investment and fiscal policy in each country is thus the only way in which economic changes can be introduced specific to each region or nation. Others point out that the Eurozone is similar in size and population to the United States,which has a single currency and a single monetary policy set by the Federal Reserve.However,the individual states that make up the USA have less regional autonomy and a more homogeneous economy than the nations of the EU.Of particular concern is the notion that the economies of the EU may not all be 'in sync'--each may be at a different stage in the boom and bust cycle,or just be experiencing different inflationary pressures. It has been said that the euro would add great liquidity to the financial markets in Europe. 第5页共7页
高级商务英语阅读 Effects of a single currency Having a single currency is expected to increase the economic interdependency of and the ease of trade between the EU members that have adopted the euro. This is likely to be beneficial for all citizens of the euro area, as increases in trade are historically one of the main driving forces of economic growth. Moreover, this would fit with the long-term purpose of a unified market within the European Union. A major benefit is the removal of bank currency transaction charges that previously was a significant cost to both individuals and businesses when changing from one currency to another. Conversely, banks will suffer a significant reduction in profits with the loss of this income. A second effect of the common European currency is that differences in prices - in particular in price levels - will decrease. Differences in prices can trigger arbitrage, e.g. trade between countries, which will equalise prices across the euro area. Often this will also result in increased competition between companies, which should help to contain inflation and which therefore will be beneficial to consumers. Some economists are concerned about the possible dangers of adopting a single currency for a large and diverse area. Because the Eurozone has a single monetary policy, set by the ECB, it cannot be fine-tuned for the economic situation in each individual country. Public investment and fiscal policy in each country is thus the only way in which economic changes can be introduced specific to each region or nation. Others point out that the Eurozone is similar in size and population to the United States, which has a single currency and a single monetary policy set by the Federal Reserve. However, the individual states that make up the USA have less regional autonomy and a more homogeneous economy than the nations of the EU. Of particular concern is the notion that the economies of the EU may not all be 'in sync' -- each may be at a different stage in the boom and bust cycle, or just be experiencing different inflationary pressures. It has been said that the euro would add great liquidity to the financial markets in Europe. 第 5 页 共 7 页