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Unit 1 EMU Has Exchange Rate Policy Implications for Transition Countries Seeking EU Membership [Key Words] European Economic and Monetary Union (EMU)?? ? 欧洲经济货币联盟 EMU reference values??? 欧洲经济货币联盟参考标准 The new exchange rate mechanism (ERM 2)?????? 新汇率机制 IMF’s Fiscal Affairs Department?? 国际货币基金组织财政部 The currency risk premium??? 货币风险溢酬 Asymmetric real shocks 非对称性实际冲击 An independent monetary and exchange rate policy???? 独立的货币汇率政策 Macroeconomic stability?????? 宏观经济稳定性 Budget balance?????? 预算平衡 Synchronized cycles????? 同步的循环 Biased toward agriculture and industry 偏重于工农业 Non-core EU members? 欧盟非核心成员国 A managed float (exchange rate arrangement)????? 有管理的浮动汇率制 An undeclared margin against the deutsche mark 钉紧德国马克，保持一个不公开的差额 A pre-announced crawling peg????? 预先公布的缓慢钉紧汇率制度 A currency board arrangement????? 货币局制度、联系汇率制度 External current account?????? 对外经常性项目账户 The capital account 资本账户 Legal reserve requirement systems 法定存款准备金制度 Sterilized intervention??? 对冲操作 The nominal exchange rate??? 名义利率 Exchange rate regimes?? 汇率制度 Appropriate flanking policies 适当的配套政策 Containment of fiscal imbalances? 遏制财政失衡 A prudent monetary stance ?? 审慎的货币政策 Fixed parity??? 固定平价 Purchasing power parity (PPP)???? 购买力平价 Interest rate parity (IRP)?????? 利率平价 Gold parity ?? 金平价 Widen the official margins ?? 放宽官方波动幅度 Shadow the Euro unilaterally 单方面暗中钉紧欧元 Full capital account liberalization? 资本项目的完全放开 ? [Notes] 1.?????? Including convergence toward EMU reference values and adherence to the new exchange rate mechanism (ERM2) created for nonparticipating EU members. 2.牋牋牋 That is, those that have opted out, or been left out, of EMU. 3.牋牋牋 Albeit 4.牋牋牋 Entering the EMU currency area entails both cost and benefits for candidate countries. 5.牋牋牋 Also, the currency risk premium, reflected in the interest rate, would fall and eventually vanish. 6.牋牋牋 An important potential cost of joining a currency area is that it impairs a country抯 ability to absorb asymmetric real shocks in the absence of an indep