It is against this background that the euro was born, with the goal of boosting European economies by expanding their “local” market, lowering transaction costs, and facilitating the flow of information. In 1991, the loss of monetary-policy independence seemed like a worthwhile trade-off for Europe’s economies; today, it seems that it may have been a mistake.
欧元就是在这一背景下诞生的，其目标是通过扩大“本地”市场提振欧洲经济体、降低交易成本、促进信息流动。1991年，对欧洲经济体来说，让出货币政策独立性似乎是划算的买卖，但如今看来这也许是一个错误。