欧元(€;ISO 4217代码EUR)是欧盟中十二个国家的货币、这十二个国家是:奥地利、比利时、芬兰、法国、德国、希腊、爱尔兰、意大利、卢森堡、荷兰、葡萄牙和西班牙,他们合称为欧元区(Eurozone)。歐元在香港一般稱為歐羅。
尽管摩纳哥、圣马力诺和梵蒂冈并不是欧盟国家,但是由于他们以前使用法国法郎或者意大利里拉作为货币,现在也使用欧元并授权铸造少量的他们自己的欧元硬币。一些非欧盟国家和地区,比如黑山,科索沃和安道尔,也使用欧元作为支付工具。
欧元由欧洲中央银行(European Central Bank,ECB)和各欧元区国家的中央银行组成的欧洲中央银行系统(European System of Central Banks,ESCB)负责管理。总部坐落于德国法兰克福的欧洲中央银行有独立制定货币政策的权力,欧元区国家的中央银行参与欧元纸币和欧元硬币的印刷、铸造与发行,并负责欧元区支付系统的运作。
所有的欧元硬币的正面都是相同的,标有硬币的面值,称为“共同面(common side)”,而硬币背面的图案则是由发行国自行设计的(national side)。君主立宪制国家常常使用他们君主的头像,其他的国家通常用他们国家的象征。所有不同的硬币都可以在所有地区使用,比如铸有西班牙国王头像的硬币在出了西班牙以外的其他使用欧元的国家也是法定货币。欧元硬币一共有8种:2欧元、1欧元、50欧分、20欧分、10欧分、5欧分、2欧分和1欧分。虽然2欧元和2欧分的硬币一般不在芬兰和荷兰使用,但仍然是法定货币。
每种面额的欧元纸币的设计在各国都是一样的。欧元纸币一共有7种:500欧元、200欧元、100欧元、50欧元、20欧元、10欧元和5欧元。尽管大面额的纸币在某些国家并不发行,但仍然是法定货币。
泛欧自动实时清算系统(Trans-European Automated Real-Time Gross Settlement Express Transfer System,TARGET)是一个在欧元发行以前就已经设立的欧洲范围内大额交易清算系统。对于小额支付的一般规则是:在欧元区之内的转账视为国内转账,欧元区内信用卡支付和ATM取款的费用与国内费用相同,票据支付,例如支票等,也与国内相同。
由于各国数字捨进位习惯不同,各国货币间的转换均需通过欧元进行。欧元和原有货币的固定转换比率如下:
这些转换比率是由欧洲议会根据欧洲委员会的建议,按1998年12月31日的市场汇率为基础而确定的,1欧洲货币单位等于1欧元。因为欧洲货币单位的价值取决于非欧元货币(主要是英镑)的当日收盘价,所以该汇率没有更早确定。
希腊在一开始并没有达到使用欧元的标准,所以没有在1999年1月1日加入欧元区。直到2年以后,在2001年1月1日,希腊加入欧元区,其货币的转换比率是:
自1991年1月1日零时起,欧元引入无形货币(旅行支票,电子支付,银行业等)领域;2002年1月1日,新的欧元纸币和欧元硬币启用,称为欧元区国家的法定货币。
原有的纸币和硬币的转换期持续2个月,直至2002年2月28日。各国官方停止使用原有货币作为法定货币的日期是不同的,最早的是德国,德国马克于2001年12月31日不再是德国法定货币,但是在2002年2月28日之前可以转换成欧元。到2002年2月28日,所有的国家都停止使用原有货币作为法定货币。但是,在此日期之后,各国的中央银行在几年内仍旧接受原有货币,奥地利、爱尔兰、西班牙的中央银行永久性的接受原有货币。最早停止使用的硬币是葡萄牙埃斯库多,它于2002年12月31日不再具有货币价值,而纸币直到2022年则仍然是可转换的。
芬兰决定除了为收藏者而少量铸造外,不铸造1欧分和2欧分的硬币,所以在芬兰兑换欧元时,以1欧分或2欧分结尾的将舍去,以3欧分或4欧分结尾的将进位为5欧分。但是1欧分和2欧分在芬兰依然是法定货币。
摩纳哥以前使用法国法郎、圣马力诺和梵蒂冈以前使用意大利里拉,而二者已被欧元替代。根据他们和欧盟之间的协议,他们也可以代表欧盟铸造欧元硬币。
安道尔以前使用法国法郎和西班牙比塞塔、黑山、科索沃以前使用德国马克,尽管他们和欧盟之间没有任何法律上的协议许可他们使用欧元,但是目前他们也将欧元作为“實際的”货币。在2004年10月,安道尔开始与欧盟协商关于允许安道尔象摩纳哥、圣马力诺和梵蒂冈一样铸造欧元硬币的协议。
许多以前汇率与欧洲货币的挂钩的货币,比如与葡萄牙埃斯库多挂钩的佛得角埃斯库多,目前已经改为与欧元挂钩。目前欧元在佛得角已被广泛接受。而在2004年11月,佛得角的首相在一个在葡萄牙举行的会议上考虑把欧元作为佛得角的正式货币。
2002年12月,朝鲜用欧元代替美元作为对外流通和结算的主要货币,在大部分黑市和以前使用美元的商店,欧元也已经代替的美元。
总的来说,欧元已经是31个国家和地区的官方货币,27个国家和地区的官方货币的汇率与欧元挂钩。
预定于2007年1月1日加入欧盟的罗马尼亚可能在2010年-2012年之间加入欧元区。
单一货币的第二个影响是各国的物价水平的差异将要减少。因为价格的差异将引发套利行为,商品将从价格低的地区流向价格高的地区,使得欧元区内各地区间的价格趋于一致。这也将导致企业间的竞争加剧并有助于控制通货膨胀,有利于消费者。
一些经济学家认为在这样一个大而不同的区域内使用单一货币是有害的。他们认为,由于欧元区的货币政策和利率水平由欧洲央行决定,各国将不能根据自身的情况调整其经济。(但是在欧元实施以前,自从1990年代欧洲货币危机之后,各国的利率水平的变化就十分接近同步了。)公共投资和财政政策将成为各个国家或地区的政府干预经济的唯一手段。
也有的观点认为虽然欧元区的面积和人口都和由美联储负责制定利率和货币政策的美国相似。但是与欧盟各国相比,美国各个州的自治权较小而经济的相似性较大。而且欧盟各国的经济并非“同步”的,某些国家位于经济周期的底部而另一些国家则位于顶部,不同的国家也面对着不同通货膨胀压力。由于欧洲国家间语言和文化的不同,欧元区之间劳动力的流动性也比美国低许多。
也有观点认为美国之所以可以采用单一货币是因为美元在国际上是处于统治地位的货币。在欧元出现之前,世界上80%的外汇储备是采用美元的形式。这给了美国经济一个巨大的“补贴”,因为储备美元相当于对美国机构或美国控制的外国机构投资。这种“补贴”有助于缓冲美国特定地区的采用单一货币的影响。
如果欧元可以取代美元或者和美元一起成为国际主要货币,那么一部分对美国的“补贴”就会转移到欧元区,这可以有助于解决因为经济结构不同而带来的问题。
有观点认为欧元会给欧洲金融市场的带来巨大的波动性,因为政府和企业如今可以借入欧元而不是本国货币,这就使得市场上资金的来源大为增长
美国的赤字型经济严重依赖于美元作为储备货币的统治地位而带来的多种美国债务和赤字的保障作用。如果美元不具有统治地位,美元和美国经济可能会经历许多拉美国家在1980年代经历过的危机。只要美元的地位没有受到威胁,美国的经济就没有崩溃的危险。单独欧洲国家的货币不足以威胁美元的统治地位。有些经济学家认为,欧元足以威胁美元的统治地位,并在特定情况下导致美国经济崩溃。
On 23 May 2003, the euro surpassed its initial trading value for the first time as it again hit $1.18, and broke the $1.35 barrier (€0.74 = $1) on 24 December, 2004. On 30 December, 2004 it reached a peak of $1.3668. Some analysts expected the euro to continue to strengthen against the dollar, a few even suggesting $1.60 by the end of 2005. However, the dollar started to recover in 2005 and few analysts today are as inclined to predict the long term trend as confidently.
Part of the euro's strength in the period 2001-2004 was thought to be due to more attractive interest rates in Europe than in the United States. The US Federal Reserve has had maintained lower rates than the ECB for these years, despite key European economies, notably Germany, growing relatively slowly or not at all. This is attributed in part to the ECB's duty to check inflation across the Eurozone, which in high-performing countries such as Republic of Ireland is above the ECB's target.
However, although the interest rate differential formed part of the backdrop, the main a posteriori justification for the euro's continuing ascent against the dollar was the concern over the huge unsustainable US current account deficits. The market has been awash with concerns about the US twin deficits, which have been a key driver of dollar weakness. The US budget deficit is about $427 billion, or 3.7% of gross domestic product (GDP), while the current account—the broadest trade measure since it adds investment flows—hit a record $166.18bn shortfall in the second quarter of 2004.
A key factor is that a number of Asian currencies are rising less against the dollar than is the euro. In the case of China, the renminbi was until recently pegged against the dollar, whilst the Japanese yen is supported by intervention (and the threat of it) by the Bank of Japan. This means much of the pressure from a falling dollar is translated into a rising euro.
The euro's climb from its lows began shortly after it was introduced as a cash currency. In the time between 1999 and 2002, eurosceptics believed that the weak euro was a sign that the euro experiment was doomed to fail. It may be that its weakness in this period was due to low confidence in a currency that did not exist in "real" form. While the overt conversion to notes and coins had not yet occurred, it remained possible that the project could fail. Once the euro became "real" in the sense of existing in the form of cash, confidence in the euro rose and the increasing perception that it was here to stay helped increase its value. This effect was probably significant in the euro's decline and recovery between 1999 and 2002, but other factors are more significant since then.
Another factor in the early decline of the euro was that many investors and central banks sold large portions of their legacy (national) currency holdings once the irrevocable exchange rates were set, as the goal of holding multiple currencies is to dampen losses when one currency falls. Once the exchange rates between Eurozone countries were pegged against each other, holdings in German marks and French francs (for example) became identical. There is also some reason to believe that significant sums of illegally held monies were sold for dollars to avoid an official and public exchange for euros.
The role of the dollar as the world's de facto reserve currency helps support both the dollar and the US budget deficit — but it depends on the continued willingness of foreigners to finance both. Central banks and others finance the budget by acquiring newly-issued, dollar-denominated US government bonds, which they need to acquire dollars for. If at some point foreigners become unwilling to accept new bonds at the prevailing interest rate (perhaps because the falling dollar is reducing the bonds' value too much), the dollar will fall even more — or the US will have to raise interest rates, which would reduce economic growth.
There is speculation that the strength of the euro relative to the dollar might encourage the use of the euro as an alternative reserve currency; Saddam Hussein's Iraq switched its currency reserves from dollars to euros in 2000. Moves by central banks with major reserve currency holdings such as those of India or China to switch some of their reserves from dollars to euros, or even of OPEC countries to switch the currency they trade in from dollars to euros, will further reinforce the dollar's decline. In 2004, the Bank for International Settlements reported the proportion of bank deposits held in euros rising to 20%, from 12% in 2001, and it is continuously rising. The falling dollar also raises returns for US investors from investing in foreign stocks, encouraging a switch which further depresses the dollar.
The rise in the euro should dampen Eurozone exports, but there is little sign of this happening yet. The main reason is that the currencies of Euroland's major world-wide customers are also seeing their currencies rise relative to the dollar. As the current account deficits continue to rise and the US plans no austerity measures to curb foreign imports and increase exports, the situation may cause the US dollar to lose its position as a hegemonic currency replaced by either the euro or the euro and a basket of currencies.
Several linguistic issues have arisen in relation to the spelling of the words euro and cent in the many languages of the member states of the European Union, as well as in relation to grammar and the formation of plurals. Immutable word formations have been encouraged by the European Commission in usage with official EU legislation (originally in order to ensure uniform presentation on the banknotes), but the "unofficial" practice concerning the mutability (or not) of the words differs between the member states.
In the English language, the form "euro" is used both in the singular and the plural in legislation, without much justification apart from an apparent wish not to have to revise older legislation. The natural plural cents is recommended (by the Translation Section of the European Commission) for use in all material aimed at the general public.
The (misnomer) "euro-cent" is sometimes used in countries (such as USA, Canada, Australia) that also have "cent" as a subcurrency, to distinguish them from the local coin. The terms "eurodollar", which commonly refers to US dollar deposits in European banks, or the non-existent "euro dollar" have occasionally been used incorrectly to refer to the euro by sources in other parts of the world, particularly the United States.
欧元的国际三字母代码(ISO 4217标准)为EUR。其符号为特别设计的欧元符(€),由民意调查从十个设计方案中选出两个,最终提交欧洲委员会选出最终设计。最终胜出者为由四名专家组成的小组所设计的。欧洲委员会宣称这一符号是“代表欧洲文明的希腊字母epsilonΕ,代表欧洲的E,与代表欧元稳定性的横划的平行线的组合”。但一位EEC前美术设计主编声称他创作了此符号作为欧洲的一个代表符号,对此存在争议。
欧元符在Unicode字符集中的名称是 EURO SIGN,编码为 U+20AC(十进制8364)。在传统拉丁字符集的升级版本具有同样编码。在欧元符提出后不久,HTML4.0版本后引入了 € 表示这一符号,但部分浏览器无法正确解析此代码。
欧洲委员会最初规定欧元符具有确定的结构比例,不依字体而变化。这一规定意味着欧元符将作为一个标志,而不是像字母或美元、英镑等其他货币符号一样作为可设计的符号。但是严格保持其尺寸将导致欧元符在大部分字体中比其他符号和数字要宽,而且有时会导致一些布局上的问题。因此大部分字体设计者忽略了欧洲委员会的规定,而自行设计各种字体中的欧元符变体,通常基于该字体中的大写字母C。上方的图片为官方的欧元符。
在计算机上输入欧元符依赖于所用的操作系统和语言与区域设置。一些欧美的移动电话公司对短消息服务系统的特定字符集软件制作了过渡升级版本,将不常用的人民币或日元符号¥替换为欧元符,最新的电话已同时包含这两个符号。
欧分没有官方推荐的符号,其金额一般用欧元的小数表示(如通常使用 €0.05 而不是 5¢ 或 5c)。小写字母 c 通常也被使用,来自于荷兰盾的次级货币单位分(cent)。在爱尔兰通常可见小写 c 表示(如邮票上),不过商店中有时使用分币符 ¢。希腊则广泛用其原货币单位 Lepton(Λεπτά) 的缩写——大写字母 lambda(Λ) 表示,而且这一单位还被用在希腊发行的欧元硬币自行设计面上。德国通常使用“cent”的缩写“ct”。芬兰一般使用小数形式,如 -.82 €,不过有时也可以看到芬兰语“sentti”的缩写“snt”,如 50 snt 。
欧元符在货币表示中的位置也存在着差异。虽然官方推荐将其放置在数字之前,但不少国家的人们还是保留了原有货币的习惯。西班牙和法国的人们难以转变为这种他们认为稍有些不合逻辑的形式(书写时货币符号在前:如 €2 ;但读的时候在后:deux/dos euros “2欧元”)。因此在法国 €3.50 通常被写成 3€50 ,这来自于法郎的习惯书写风格(如22F96)。
Although the failure of the European Constitution to be ratified would have no direct impact on the status of the euro, some pessimism regarding the euro arose after the negative outcome of the French and Dutch referendums in mid 2005.
However, soon after these suggestions were made, the European Commission issued a statement denying any possibility of this, stating "the euro is here to stay".
经济学家 罗伯特·蒙代尔 有时被称作欧元之父。除他之外还有Robert Tollison和Neil Dowling也起了一些作用。
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