European Union Currency Exchange Rate
Posted in EU Info on 10/06/2010 11:23 pm by admin
Macro- Economy Help!!!!?
Why do think the European Union countries decide to have a single central bank and a single currency, instead of just agreeing to maintain fixed exchange rates among their currencies?
1) Fixed exchange still requires conversion rules which creates additional need to follow relative prices btw countries in case if currencies aren’t fixed at 1:1 rate.
2) Some currency mobility between countries still would have exchange frictions because to pay in another country you would need to change your currency anyway – with one currency this friction is removed.
3) For EU monetary system better currency control and central banks-members management.
China’s Wen Jiabao: ‘Dont pressure us to raise RMB rates’
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