| The Euro-currency integration is set up on the basis of European economic integration. Because of the complementary existence among the systems, if we carry on research to the process of integration of the Euro-currency, we should find out about the economic process of integration of Europe first. Since the earliest coal-steel ally, economic integration has gone through a series of milestones. On this basis, the Euro-currency has integrated and gone through several pieces of turn on the financial policy too. According to history with integrated Euro-currency, the Euro-currency can be divided into three stages: Werner plan from the 1950s to 1970s, the establishment and development of European Monetary System will from the end of the 1970s to the beginning of the 1990s, the development of European economic and monetary union from November of 1993. The institutional change means a course of change, whose subject is a new force group, regard system innovation as the prerequisite, divided by the level. It means a kind of external change causes the economic policy change so that the dynamic system produce gain and loss both sides subsequently. The change is then given to the economic policy through political advisory, so that the course is perpetual. Institution economics has its own unique static analyzing tools, which can be divided into three levels mainly. The first level tries to explain how institution can influence output and wealth; The second level explains how frame influence economic organization and structure that contract arrange for system; The third level studies system frame and various kinds of key elements of the property. Because of system inertia and complementary existence, the institutional change could face unimaginable difficulty. The unimaginable of the change and the appearance of interest group, makes the change become complicated to make furthermore at the same time. We have already set up the analysis frame about institutional change. Under the guidance of this kind of frame, we choose the performance of three stage of Delors report as main subject, analyzing European Union currency integrated process. Proceed from the angles of circulation institutional change, the course of one new system replacing the old one is through a certain external change, which the politics balance of a society is upset, thus cause the change of the economic policy. Because of the existence of system of inertia, steady system must have enough strength to produce change. Because of the development of the optimum monetary district theory, the theory has promoted the change of the economic policy outside the government and interest group, which is the initial motive force with integrated Euro-currency, and the first motive force of breaking the system inertia solid ice too. The optimum monetary district theory provided the standards of the optimum monetary district, and made analysis to the motive force of the integrated Euro-currency through cost-benefit analysis at the same time. Optimum monetary income of district includes dispelling foreign currency transaction cost, reducing exchange rate fluctuate, heavy price transparency and good inside market mainly. The cost mainly comes from the forfeiture of the economic policy tool (namely exchange rate change). Euro-currency integration is realized through Delors report in three stages. The problem solved mainly in first stage since July 1, 1990 is how governments of various countries are promoted. There are two kinds of principal-agent relations inside European Community in fact. According to the basic principal-agent model, we can reach the Pareto optimal through symmetric information. So, the main solution is taking and strengthening the measure of the supervision, through multilateral supervision, coordinating inside market and set up common market to realize abundant information interchange. Choose the integrated goal of the rational distribution at the same time. The second stage begins from January 1, 1994. In order to realize the jump to the common monetary... |
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