Monetary base
Operating a single currency is not going to be easy. European economic and (1) union will not function (2) hitches. (3) , signs of (4) have already appeared. And these political, economic and social pressures will almost certainly (5) in the years to come.
(6) EMU failure is a topic generally (7) in continental Europe. And for good reason. The (8) of monetary union would almost certainly slam the European Union (9) political (10) and the world into (11) crisis. "It would be almost as bad as a (12) in Europe," says Uwe Angenendt, chief economist (13) BHF-Bank in Frankfurt. The 14 contend EMU failure is not possible. They (15) insist that the political (16) in Europe for monetary union is simply (17) strong to allow (18) to fail. But they (19) a simple fact: European (20) concocted monetary union, and there- fore they can unconcoct it.
A:monetary B:political C:cultural D:commercial
Text 4
In applying the Optimum Currency Area (OCA) framework, the consensus that East Asia presents as good a candidate for monetary integration as Europe is generally arrived at. However, it can be observed that OCA framework had only an insignificant part to play in the decision to pass the Europe Monetary Union (EMU), it tends to be overshadowed by political sentiments. Thus, the central question on the possibility of an Asian Monetary Union lies not in its satisfaction of the OCA criteria, but whether the political resolve to achieve such a union is existent.
Unfortunately, it appears that the political climate of East Asia is not favorable towards such a union at present, and is unlikely to undergo much positive alteration in the near future. Thus the manifestation of an Asian Monetary Union is unlikely in the foreseeable future, as the political resolve to bring this about is evidently lacking.
However, to dismiss outright the possibility of creation of an East Asian monetary union would be presumptuous. Even though the political climate in East Asia does not appear to be ready for such an undertaking as yet, it cannot be denied that integrative and cooperative initiatives have indeed made much positive progress. Although the state of pan-Asian institutions is nowhere comparable with needed to engineer the EMU, however East Asia is taking definite steps towards regional cooperation.
Thus, it would be hasty to simply write off the prospects of such a union. The road to East Asia may be long and fraught with obstacles, but it is not impossible. Only with visionary leadership, which looks beyond regional political sensitivities and rivalries, to recognize the economic imperative and promise of such a monetary union, can it have hopes of materialization. East Asian leaders, unwilling to undertake monetary unification due to fears of the loss of political sovereignty which it would entail should be more farsighted and recognize that in the present age, sovereignty is no longer absolute as globalization accelerates and increasingly blurs the lines of national boundaries. Sovereignty is not completely lost as nations will still be able to influence decision-making through the union, but as one voice amongst all other members. Furthermore, misgivings about the prospects of Asian monetary unification based on the grounds that East Asian nations are at very different stages of economic development with diverse structure of economy should look towards the monetary union between Singapore and Brunei, which has endured despite its members’ vast dissimilarity. Thus, current economic disparities should not prove insurmountable to an East Asian monetary union, provided regulatory and fiscal reforms critical to sound and sustainable economic growth are developed alongside monetary unification.
In the previous section, a proposal which suggests gradual steps towards Asian monetary unification is mapped out, by first achieving smaller monetary unions instead of an Asian-wide monetary union. In this way, the vast economic disparity across Asia is breached gradually, as opposed to tackling it in its entirety, with the ultimate aim of an East Asian wide monetary union.
A:The lack of political resolve renders an EAMU impossible. B:An EAMU is practical in the long run despite their regional differences. C:Monetary union proves to be successful in Singapore and Brunei. D:Monetary union in East Asia can come true in the short run because of economic cooperation.
Text 4
In applying the Optimum Currency Area (OCA) framework, the consensus that East Asia presents as good a candidate for monetary integration as Europe is generally arrived at. However, it can be observed that OCA framework had only an insignificant part to play in the decision to pass the Europe Monetary Union (EMU), it tends to be overshadowed by political sentiments. Thus, the central question on the possibility of an Asian Monetary Union lies not in its satisfaction of the OCA criteria, but whether the political resolve to achieve such a union is existent.
Unfortunately, it appears that the political climate of East Asia is not favorable towards such a union at present, and is unlikely to undergo much positive alteration in the near future. Thus the manifestation of an Asian Monetary Union is unlikely in the foreseeable future, as the political resolve to bring this about is evidently lacking.
However, to dismiss outright the possibility of creation of an East Asian monetary union would be presumptuous. Even though the political climate in East Asia does not appear to be ready for such an undertaking as yet, it cannot be denied that integrative and cooperative initiatives have indeed made much positive progress. Although the state of pan-Asian institutions is nowhere comparable with needed to engineer the EMU, however East Asia is taking definite steps towards regional cooperation.
Thus, it would be hasty to simply write off the prospects of such a union. The road to East Asia may be long and fraught with obstacles, but it is not impossible. Only with visionary leadership, which looks beyond regional political sensitivities and rivalries, to recognize the economic imperative and promise of such a monetary union, can it have hopes of materialization. East Asian leaders, unwilling to undertake monetary unification due to fears of the loss of political sovereignty which it would entail should be more farsighted and recognize that in the present age, sovereignty is no longer absolute as globalization accelerates and increasingly blurs the lines of national boundaries. Sovereignty is not completely lost as nations will still be able to influence decision-making through the union, but as one voice amongst all other members. Furthermore, misgivings about the prospects of Asian monetary unification based on the grounds that East Asian nations are at very different stages of economic development with diverse structure of economy should look towards the monetary union between Singapore and Brunei, which has endured despite its members’ vast dissimilarity. Thus, current economic disparities should not prove insurmountable to an East Asian monetary union, provided regulatory and fiscal reforms critical to sound and sustainable economic growth are developed alongside monetary unification.
In the previous section, a proposal which suggests gradual steps towards Asian monetary unification is mapped out, by first achieving smaller monetary unions instead of an Asian-wide monetary union. In this way, the vast economic disparity across Asia is breached gradually, as opposed to tackling it in its entirety, with the ultimate aim of an East Asian wide monetary union.
A:The obstacles of an East Asian Monetary Union (EAMU). B:The impossibility of an EAMU in the short run. C:The prospect of an EAMU. D:The comparison between EAMU and EMU.
Operating a single currency is not going to be easy. European economic and (1) union will not function (2) hitches. (3) , signs of (4) have already appeared. And these political, economic and social pressures will almost certainly (5) in the years to come.
(6) EMU failure is a topic generally (7) in continental Europe. And for good reason. The (8) of monetary union would almost certainly slam the European Union (9) political (10) and the world into (11) crisis. "It would be almost as bad as a (12) in Europe," says Uwe Angenendt, chief economist (13) BHF-Bank in Frankfurt. The 14 contend EMU failure is not possible. They (15) insist that the political (16) in Europe for monetary union is simply (17) strong to allow (18) to fail. But they (19) a simple fact: European (20) concocted monetary union, and there- fore they can unconcoct it.
A:monetary B:political C:cultural D:commercial
Text 4 In applying the Optimum Currency Area (OCA) framework, the consensus that East Asia presents as good a candidate for monetary integration as Europe is generally arrived at. However, it can be observed that OCA framework had only an insignificant part to play in the decision to pass the Europe Monetary Union (EMU), it tends to be overshadowed by political sentiments. Thus, the central question on the possibility of an Asian Monetary Union lies not in its satisfaction of the OCA criteria, but whether the political resolve to achieve such a union is existent. Unfortunately, it appears that the political climate of East Asia is not favorable towards such a union at present, and is unlikely to undergo much positive alteration in the near future. Thus the manifestation of an Asian Monetary Union is unlikely in the foreseeable future, as the political resolve to bring this about is evidently lacking. However, to dismiss outright the possibility of creation of an East Asian monetary union would be presumptuous. Even though the political climate in East Asia does not appear to be ready for such an undertaking as yet, it cannot be denied that integrative and cooperative initiatives have indeed made much positive progress. Although the state of pan-Asian institutions is nowhere comparable with needed to engineer the EMU, however East Asia is taking definite steps towards regional cooperation. Thus, it would be hasty to simply write off the prospects of such a union. The road to East Asia may be long and fraught with obstacles, but it is not impossible. Only with visionary leadership, which looks beyond regional political sensitivities and rivalries, to recognize the economic imperative and promise of such a monetary union, can it have hopes of materialization. East Asian leaders, unwilling to undertake monetary unification due to fears of the loss of political sovereignty which it would entail should be more farsighted and recognize that in the present age, sovereignty is no longer absolute as globalization accelerates and increasingly blurs the lines of national boundaries. Sovereignty is not completely lost as nations will still be able to influence decision-making through the union, but as one voice amongst all other members. Furthermore, misgivings about the prospects of Asian monetary unification based on the grounds that East Asian nations are at very different stages of economic development with diverse structure of economy should look towards the monetary union between Singapore and Brunei, which has endured despite its members’ vast dissimilarity. Thus, current economic disparities should not prove insurmountable to an East Asian monetary union, provided regulatory and fiscal reforms critical to sound and sustainable economic growth are developed alongside monetary unification. In the previous section, a proposal which suggests gradual steps towards Asian monetary unification is mapped out, by first achieving smaller monetary unions instead of an Asian-wide monetary union. In this way, the vast economic disparity across Asia is breached gradually, as opposed to tackling it in its entirety, with the ultimate aim of an East Asian wide monetary union.
The text is mainly about()A:The obstacles of an East Asian Monetary Union (EAMU). B:The impossibility of an EAMU in the short run. C:The prospect of an EAMU. D:The comparison between EAMU and EMU.
Text 4 In applying the Optimum Currency Area (OCA) framework, the consensus that East Asia presents as good a candidate for monetary integration as Europe is generally arrived at. However, it can be observed that OCA framework had only an insignificant part to play in the decision to pass the Europe Monetary Union (EMU), it tends to be overshadowed by political sentiments. Thus, the central question on the possibility of an Asian Monetary Union lies not in its satisfaction of the OCA criteria, but whether the political resolve to achieve such a union is existent. Unfortunately, it appears that the political climate of East Asia is not favorable towards such a union at present, and is unlikely to undergo much positive alteration in the near future. Thus the manifestation of an Asian Monetary Union is unlikely in the foreseeable future, as the political resolve to bring this about is evidently lacking. However, to dismiss outright the possibility of creation of an East Asian monetary union would be presumptuous. Even though the political climate in East Asia does not appear to be ready for such an undertaking as yet, it cannot be denied that integrative and cooperative initiatives have indeed made much positive progress. Although the state of pan-Asian institutions is nowhere comparable with needed to engineer the EMU, however East Asia is taking definite steps towards regional cooperation. Thus, it would be hasty to simply write off the prospects of such a union. The road to East Asia may be long and fraught with obstacles, but it is not impossible. Only with visionary leadership, which looks beyond regional political sensitivities and rivalries, to recognize the economic imperative and promise of such a monetary union, can it have hopes of materialization. East Asian leaders, unwilling to undertake monetary unification due to fears of the loss of political sovereignty which it would entail should be more farsighted and recognize that in the present age, sovereignty is no longer absolute as globalization accelerates and increasingly blurs the lines of national boundaries. Sovereignty is not completely lost as nations will still be able to influence decision-making through the union, but as one voice amongst all other members. Furthermore, misgivings about the prospects of Asian monetary unification based on the grounds that East Asian nations are at very different stages of economic development with diverse structure of economy should look towards the monetary union between Singapore and Brunei, which has endured despite its members’ vast dissimilarity. Thus, current economic disparities should not prove insurmountable to an East Asian monetary union, provided regulatory and fiscal reforms critical to sound and sustainable economic growth are developed alongside monetary unification. In the previous section, a proposal which suggests gradual steps towards Asian monetary unification is mapped out, by first achieving smaller monetary unions instead of an Asian-wide monetary union. In this way, the vast economic disparity across Asia is breached gradually, as opposed to tackling it in its entirety, with the ultimate aim of an East Asian wide monetary union.
Which of the following statements can best indicate the author's attitude()A:The lack of political resolve renders an EAMU impossible. B:An EAMU is practical in the long run despite their regional differences. C:Monetary union proves to be successful in Singapore and Brunei. D:Monetary union in East Asia can come true in the short run because of economic cooperation.