5.How are businesses within the euro zone affected by the euro?
5.歐元將如何影響歐元區(qū)內(nèi)的商業(yè)運(yùn)作？
Companies operating within the euro zone have already enjoyed a reduction in many of their costs, particularly in treasury management, foreign exchange transactions and through the elimination of much foreign exchange risk.
在歐元區(qū)內(nèi)運(yùn)作的公司已經(jīng)開(kāi)始享受各項(xiàng)開(kāi)支的減少，尤其是在資產(chǎn)管理，外匯交易等方面。同時(shí)這也減少了不少外匯兌換中的風(fēng)險(xiǎn)。
With the conversion to euro notes and coins however, increased price transparency should trigger strong competition in some sectors so, the cost to consumers of certain goods in certain markets may have to fall. Businesses also face one-off costs in the changing of equipment and staff training.
隨著各國(guó)貨幣向歐元鑄幣和紙幣的轉(zhuǎn)化，價(jià)格透明度的增強(qiáng)將引發(fā)某些部門(mén)的激烈競(jìng)爭(zhēng)，某些市場(chǎng)上部分商品的價(jià)格會(huì)因此有所下降。同時(shí)，商家要面對(duì)由設(shè)備更新和員工培訓(xùn)帶來(lái)的性開(kāi)銷。
However, critics of the euro feel that handing over control of interest rates and exchange rate policy to the ECB could mean that action is taken centrally which is inappropriate for the economies in which companies operate.
然而，歐元批評(píng)家認(rèn)為將利率和匯率政策控制權(quán)移交給歐洲央行可能意味著行動(dòng)執(zhí)行的集中化，這與包含公司運(yùn)作的各國(guó)經(jīng)濟(jì)不相適應(yīng)。
6.What will the euro mean for consumers?
6.歐元對(duì)消費(fèi)者意味著什么？
The expectation is that consumers will be able to shop around for bargains as it becomes easier to compare prices between countries as all goods will be valued in euros.
消費(fèi)者可以四處尋找佳折扣。因?yàn)樗械纳唐肪詺W元計(jì)價(jià)，價(jià)格比較也變得更為簡(jiǎn)便。
However, there are fears that businesses will seize the opportunity to raise their prices amid the confusion arising from the changeover to euros.
然而，人們?nèi)該?dān)心，在向歐元轉(zhuǎn)換的過(guò)程中出現(xiàn)的混亂局面會(huì)使某些商家乘機(jī)提價(jià)。
III External aspects of euro and EMU (European Monetary Union)
III 歐元和歐洲貨幣聯(lián)盟的對(duì)外影響
The launching of euro and the completion of the EMU will be instrumental in reshaping the international monetary system, principally by making it more balanced and symmetrical. As this involves a progressive approach, whose effectiveness mainly rests with the smooth circulation of euro and the independent execution of the stability-oriented policies by the European Central Bank (ECB), its repercussions will be most manifest in the following aspects:
歐元的發(fā)行和歐洲貨幣聯(lián)盟的形成將在世界貨幣體系重新整合的過(guò)程中發(fā)揮至關(guān)重要的作用。 這主要表現(xiàn)在使該體系更為平衡和對(duì)稱。這也包括采取一種循序漸進(jìn)的方法，而它的效用主要取決于歐元的順利流通和歐洲央行穩(wěn)定政策的獨(dú)立實(shí)施。其帶來(lái)的影響將主要表現(xiàn)在以下幾個(gè)方面：
1. The use of single currency will better coordinate the economic policies of its Member States, which in turn will contribute to a more pronounced economic status of the euro area comparable to that of the U.S and larger than that of Japan.
1．使用單一貨幣將更好地協(xié)調(diào)歐元區(qū)成員國(guó)各自的經(jīng)濟(jì)政策，而這會(huì)使歐元區(qū)的 經(jīng)濟(jì)地位變得更為顯著， 超過(guò)日本并足以與美國(guó)抗衡。
2. Owing to the disappearance of tensions between European currencies, the economic performance of the eurozone will be less sensitive to exchange rate fluctuations.
2．由于歐洲各國(guó)貨幣間的矛盾不復(fù)存在，歐元區(qū)的經(jīng)濟(jì)對(duì)匯率波動(dòng)將不再那么敏感。
3. With the completion of EMU, the European financial market will become truly integrated with the implementation of an efficient trans-border payment system (TARGET). The recent agreement clinched by the ECB to finalize the deadline for lowering the charges and commission rates for trans-border transactions and capital transfer can serve as a case in point.
3．在歐洲貨幣聯(lián)盟建成之后，隨著一個(gè)高效率的跨國(guó)界支付制度的實(shí)施，歐洲的金融市場(chǎng)將在真正意義上實(shí)現(xiàn)一體化。一個(gè)現(xiàn)成的例子就是，在歐洲央行近的一項(xiàng)協(xié)議中，跨國(guó)界交易和資本流動(dòng)的成本和銀行傭金率降低的后期限被。
4. The euro should constitute an important reserve currency and play a key role in portfolios of financial assets on an international scale.
4．歐元應(yīng)該成為重要的儲(chǔ)備幣種，并在國(guó)際金融資產(chǎn)組合中起關(guān)鍵作用。
5. European economic policies should, in light of its aim to foster easy monetary conditions and maintain appropriate exchange rates, merit close attention as a valuable source of reference in international economic affairs.
5．鑒于歐洲經(jīng)濟(jì)政策的目的在于創(chuàng)造寬松的貨幣環(huán)境和保持適當(dāng)?shù)膮R率水平，因此它可以為國(guó)際經(jīng)濟(jì)運(yùn)作提供參考，值得密切關(guān)注。
6. The representation of the EMU within international institutions such as the IMF is a matter awaiting further discussions and consultations. Mechanisms of monitoring and mutual compatibility are to be highlighted.
6．歐洲貨幣聯(lián)盟在包括國(guó)際貨幣基金組織在內(nèi)的國(guó)際機(jī)構(gòu)中的代表權(quán)問(wèn)題有待進(jìn)一步的討論和磋商。需要強(qiáng)調(diào)的是監(jiān)督機(jī)制和政策的相互協(xié)調(diào)性。
5.歐元將如何影響歐元區(qū)內(nèi)的商業(yè)運(yùn)作？
Companies operating within the euro zone have already enjoyed a reduction in many of their costs, particularly in treasury management, foreign exchange transactions and through the elimination of much foreign exchange risk.
在歐元區(qū)內(nèi)運(yùn)作的公司已經(jīng)開(kāi)始享受各項(xiàng)開(kāi)支的減少，尤其是在資產(chǎn)管理，外匯交易等方面。同時(shí)這也減少了不少外匯兌換中的風(fēng)險(xiǎn)。
With the conversion to euro notes and coins however, increased price transparency should trigger strong competition in some sectors so, the cost to consumers of certain goods in certain markets may have to fall. Businesses also face one-off costs in the changing of equipment and staff training.
隨著各國(guó)貨幣向歐元鑄幣和紙幣的轉(zhuǎn)化，價(jià)格透明度的增強(qiáng)將引發(fā)某些部門(mén)的激烈競(jìng)爭(zhēng)，某些市場(chǎng)上部分商品的價(jià)格會(huì)因此有所下降。同時(shí)，商家要面對(duì)由設(shè)備更新和員工培訓(xùn)帶來(lái)的性開(kāi)銷。
However, critics of the euro feel that handing over control of interest rates and exchange rate policy to the ECB could mean that action is taken centrally which is inappropriate for the economies in which companies operate.
然而，歐元批評(píng)家認(rèn)為將利率和匯率政策控制權(quán)移交給歐洲央行可能意味著行動(dòng)執(zhí)行的集中化，這與包含公司運(yùn)作的各國(guó)經(jīng)濟(jì)不相適應(yīng)。
6.What will the euro mean for consumers?
6.歐元對(duì)消費(fèi)者意味著什么？
The expectation is that consumers will be able to shop around for bargains as it becomes easier to compare prices between countries as all goods will be valued in euros.
消費(fèi)者可以四處尋找佳折扣。因?yàn)樗械纳唐肪詺W元計(jì)價(jià)，價(jià)格比較也變得更為簡(jiǎn)便。
However, there are fears that businesses will seize the opportunity to raise their prices amid the confusion arising from the changeover to euros.
然而，人們?nèi)該?dān)心，在向歐元轉(zhuǎn)換的過(guò)程中出現(xiàn)的混亂局面會(huì)使某些商家乘機(jī)提價(jià)。
III External aspects of euro and EMU (European Monetary Union)
III 歐元和歐洲貨幣聯(lián)盟的對(duì)外影響
The launching of euro and the completion of the EMU will be instrumental in reshaping the international monetary system, principally by making it more balanced and symmetrical. As this involves a progressive approach, whose effectiveness mainly rests with the smooth circulation of euro and the independent execution of the stability-oriented policies by the European Central Bank (ECB), its repercussions will be most manifest in the following aspects:
歐元的發(fā)行和歐洲貨幣聯(lián)盟的形成將在世界貨幣體系重新整合的過(guò)程中發(fā)揮至關(guān)重要的作用。 這主要表現(xiàn)在使該體系更為平衡和對(duì)稱。這也包括采取一種循序漸進(jìn)的方法，而它的效用主要取決于歐元的順利流通和歐洲央行穩(wěn)定政策的獨(dú)立實(shí)施。其帶來(lái)的影響將主要表現(xiàn)在以下幾個(gè)方面：
1. The use of single currency will better coordinate the economic policies of its Member States, which in turn will contribute to a more pronounced economic status of the euro area comparable to that of the U.S and larger than that of Japan.
1．使用單一貨幣將更好地協(xié)調(diào)歐元區(qū)成員國(guó)各自的經(jīng)濟(jì)政策，而這會(huì)使歐元區(qū)的 經(jīng)濟(jì)地位變得更為顯著， 超過(guò)日本并足以與美國(guó)抗衡。
2. Owing to the disappearance of tensions between European currencies, the economic performance of the eurozone will be less sensitive to exchange rate fluctuations.
2．由于歐洲各國(guó)貨幣間的矛盾不復(fù)存在，歐元區(qū)的經(jīng)濟(jì)對(duì)匯率波動(dòng)將不再那么敏感。
3. With the completion of EMU, the European financial market will become truly integrated with the implementation of an efficient trans-border payment system (TARGET). The recent agreement clinched by the ECB to finalize the deadline for lowering the charges and commission rates for trans-border transactions and capital transfer can serve as a case in point.
3．在歐洲貨幣聯(lián)盟建成之后，隨著一個(gè)高效率的跨國(guó)界支付制度的實(shí)施，歐洲的金融市場(chǎng)將在真正意義上實(shí)現(xiàn)一體化。一個(gè)現(xiàn)成的例子就是，在歐洲央行近的一項(xiàng)協(xié)議中，跨國(guó)界交易和資本流動(dòng)的成本和銀行傭金率降低的后期限被。
4. The euro should constitute an important reserve currency and play a key role in portfolios of financial assets on an international scale.
4．歐元應(yīng)該成為重要的儲(chǔ)備幣種，并在國(guó)際金融資產(chǎn)組合中起關(guān)鍵作用。
5. European economic policies should, in light of its aim to foster easy monetary conditions and maintain appropriate exchange rates, merit close attention as a valuable source of reference in international economic affairs.
5．鑒于歐洲經(jīng)濟(jì)政策的目的在于創(chuàng)造寬松的貨幣環(huán)境和保持適當(dāng)?shù)膮R率水平，因此它可以為國(guó)際經(jīng)濟(jì)運(yùn)作提供參考，值得密切關(guān)注。
6. The representation of the EMU within international institutions such as the IMF is a matter awaiting further discussions and consultations. Mechanisms of monitoring and mutual compatibility are to be highlighted.
6．歐洲貨幣聯(lián)盟在包括國(guó)際貨幣基金組織在內(nèi)的國(guó)際機(jī)構(gòu)中的代表權(quán)問(wèn)題有待進(jìn)一步的討論和磋商。需要強(qiáng)調(diào)的是監(jiān)督機(jī)制和政策的相互協(xié)調(diào)性。