By reducing transaction costs and removing exchange-rate uncertainty, the single European currency was expected to lead to fully integrated product and financial markets. This, in turn, would bring greater gains from trade, stronger competition, larger cross-border capital flows, lower borrowing costs, and more opportunities for sharing risk, all of which were expected ultimately to boost investment and productivity.
人们对欧元寄予了很高的期望。通过降低交易成本和消除汇率不确定的风险，人们热切地盼望这种单一的欧洲货币能带来完全融合的产品和金融市场，而这又最终意味着更多的贸易收益、更强的竞争力、更多的资金跨国流动、更低的借贷成本和更多的风险共担机会，人们寄希望于上述所有因素结合在一起，能够最终促进投资、提高生产率。