Alevel经济高分复习笔记分享→英国与欧元（2）

　　Alevel经济学一直都是留学热门专业，它所学习的内容涵盖了一系列基本的经济思想，并且引导同学们立足国际，培养经济大视野，如果大家对未来从事金融业或商业很感兴趣，alevel经济学是一门很适合学习的科目！本篇中小编为大家总结了Alevel经济学高分笔记中有关英国和欧元的部分，前篇已经分享，可在本站搜索关键词查看，后篇会持续更新，可供参考。

　　Transaction costs 交易成本

　　This is the most obvious advantage. If we share a currency with the rest of Europe, there will be no need to pay transaction costs of changing currencies when you go on holiday. This 'convenience' factor is probably the one that impresses the non-economist the most, and will play well for those hoping that the general public vote for the euro in a referendum.

　　Of course, this is a bigger advantage for businesses whose transaction costs are inevitably higher, as it includes the costs of hedging against huge currency swings. It is, though, an advantage that is worth less than 1% of EUGDP. It may be the most visual advantage for the general public, but it is not the most important economic reason for joining the euro.

　　FDI is a contentious issue. Some economists believe that the UK will attract more FDI if they are part of the euro. Foreign investors want to take advantage of all the benefits above. Others argue that joining the euro will harm FDI. At the moment, foreign investors still get the benefits of the UK being part of the EU without any of the disadvantages listed below. It is a difficult one to call, although FDI into the UK has still been growing since the euro was created without the UK's presence.

　　这是最明显的优势。如果我们与欧洲其他国家共享一种货币，那么当你去度假时就不需要支付更换货币的交易成本。这个 "便利 "因素可能是最能打动非经济学家的因素，对于那些希望公众在公投中投票支持欧元的人来说，这将起到很好的作用。

　　当然，对于交易成本不可避免地较高的企业来说，这是一个更大的优势，因为它包括对冲巨大货币波动的成本。不过，这个优势的价值还不到欧盟GDP的1%。对于普通民众来说，这可能是最直观的优势，但它不是加入欧元的最重要的经济理由。

　　外国直接投资是一个有争议的问题。一些经济学家认为，如果英国成为欧元的一部分，他们将吸引更多的外国直接投资。外国投资者希望享受到上述所有的好处。其他人则认为，加入欧元会损害外国直接投资。目前，外国投资者仍然可以得到英国作为欧盟一部分的好处，而没有以下所列的任何缺点。这是一个很难说的问题，尽管自欧元诞生以来，在没有英国的情况下，进入英国的外国直接投资仍然在增长。

　　Macroeconomic management 宏观经济管理

　　Before the launch of the euro, Germany was traditionally the strongest economy in Europe. One of the main reasons for this was its excellent record on inflation, which many felt was down to its highly efficient independent central bank, the Bundesbank. It was hoped that the independent ECB would be equally efficient, keeping inflation low and controlling government spending around euro-land with thestability pact. The UK, with a traditionally poor record on inflation, should benefit from the ECB's efficient running of the Euro-land economies.

　　As discussed above, the tables have turned with the UK's MPC attracting praise for its running of UK monetary policy and the ECB, whilst not a disaster, certainly not in the class of the old Bundesbank. Why join the euro, many ask, when things are going so well in the UK outside the euro. "Better the devil you know..." as the phrase goes!

　　在欧元推出之前，德国传统上是欧洲最强大的经济体。其主要原因之一是其在通货膨胀方面的出色记录，许多人认为这归功于其高效的独立中央银行--联邦银行。人们希望，独立的欧洲央行将同样有效，保持低通胀，并通过稳定协议控制欧元区的政府支出。英国在通货膨胀方面的记录历来不佳，应该从欧洲央行对欧元区经济的高效运作中受益。

　　如上所述，情况已经发生了变化，英国的货币政策委员会因其对英国货币政策的管理而受到赞扬，而欧洲央行虽然不是一个灾难，但肯定不是旧联邦银行的级别。许多人问，既然英国在欧元区外的情况如此之好，为什么还要加入欧元区？俗话说："知己知彼，百战不殆"。

　　The case against 反对的案件

　　Loss of domestic monetary policy 国内货币政策的丧失

　　This disadvantage seems to ring louder by the day. As the UK's MPC gains credibility, it seems a shame to give it up and allow UK monetary policy to be subsumed within the remit of the ECB. This is a problem for many countries in Euro-land. One currency means one interest rate. Even those who are in favour of the euro would have to admit that the interest rate set by the EBC for the whole of Euro-land will not be ideal for all eleven countries.

　　The classic example is Ireland, who joined the single currency at its inception with domestic interest rates at 6% (like the UK) and the economy growing well without inflation (like the UK). On entering the single currency, their interest rate had to be set at the ECB rate, which, at the time, was 3%. So Irish interest rates fell from 6% to 3% overnight. If that had happened in the UK there would have been a boom followed by inflation and then recession. Ireland is at the beginning of that cycle, with inflation rising very quickly.

　　这个缺点似乎日渐响亮。随着英国货币政策委员会的可信度提高，放弃它并允许英国的货币政策归入欧洲央行的职权范围似乎是一种耻辱。这对欧元区的许多国家来说是个问题。一种货币意味着一种利率。即使是那些赞成欧元的人也不得不承认，欧洲央行为整个欧元区制定的利率对所有11个国家来说都不理想。

　　典型的例子是爱尔兰，他们在加入单一货币之初，国内利率为6%（和英国一样），经济增长良好，没有通货膨胀（和英国一样）。在加入单一货币时，他们的利率必须设定为欧洲央行的利率，当时的利率是3%。因此，爱尔兰的利率一夜之间从6%降到了3%。如果这种情况发生在英国，就会出现繁荣，接着是通货膨胀，然后是衰退。爱尔兰正处于这个周期的开始，通货膨胀上升得非常快。

　　以上是小编为大家收集的Alevel经济学高分笔记（2），希望对大家有所帮助，祝各位同学学业有成金榜题名！后篇将会持续更新，如有更多Alevel辅导的需要，欢迎联系在线客服老师，会获得更专业的指导~