5.How are businesses within the euro zone affected by the euro?

　　5.欧元将如何影响欧元区内的商业运作？

　　Companies operating within the euro zone have already enjoyed a reduction in many of their costs, particularly in treasury management, foreign exchange transactions and through the elimination of much foreign exchange risk.

　　在欧元区内运作的公司已经开始享受各项开支的减少，尤其是在资产管理，外汇交易等方面。同时这也减少了不少外汇兑换中的风险。

　　With the conversion to euro notes and coins however, increased price transparency should trigger strong competition in some sectors so, the cost to consumers of certain goods in certain markets may have to fall. Businesses also face one-off costs in the changing of equipment and staff training.

　　随着各国货币向欧元铸币和纸币的转化，价格透明度的增强将引发某些部门的激烈竞争，某些市场上部分商品的价格会因此有所下降。同时，商家要面对由设备更新和员工培训带来的一次性开销。

　　However, critics of the euro feel that handing over control of interest rates and exchange rate policy to the ECB could mean that action is taken centrally which is inappropriate for the economies in which companies operate.

　　然而，欧元批评家认为将利率和汇率政策控制权移交给欧洲央行可能意味着行动执行的集中化，这与包含公司运作的各国经济不相适应。

　　6.What will the euro mean for consumers?

　　6.欧元对消费者意味着什么？

　　The expectation is that consumers will be able to shop around for bargains as it becomes easier to compare prices between countries as all goods will be valued in euros.

　　消费者可以四处寻找最佳折扣。因为所有的商品均以欧元计价，价格比较也变得更为简便。

　　However, there are fears that businesses will seize the opportunity to raise their prices amid the confusion arising from the changeover to euros.

　　然而，人们仍担心，在向欧元转换的过程中出现的混乱局面会使某些商家乘机提价。

　　III External aspects of euro and EMU (European Monetary Union)

　　III 欧元和欧洲货币联盟的对外影响

　　The launching of euro and the completion of the EMU will be instrumental in reshaping the international monetary system, principally by making it more balanced and symmetrical. As this involves a progressive approach, whose effectiveness mainly rests with the smooth circulation of euro and the independent execution of the stability-oriented policies by the European Central Bank (ECB), its repercussions will be most manifest in the following aspects:

　　欧元的发行和欧洲货币联盟的形成将在世界货币体系重新整合的过程中发挥至关重要的作用。 这主要表现在使该体系更为平衡和对称。这也包括采取一种循序渐进的方法，而它的效用主要取决于欧元的顺利流通和欧洲央行稳定政策的独立实施。其带来的影响将主要表现在以下几个方面：

　　1. The use of single currency will better coordinate the economic policies of its Member States, which in turn will contribute to a more pronounced economic status of the euro area comparable to that of the U.S and larger than that of Japan.

　　1．使用单一货币将更好地协调欧元区成员国各自的经济政策，而这会使欧元区的 经济地位变得更为显著， 超过日本并足以与美国抗衡。

　　2. Owing to the disappearance of tensions between European currencies, the economic performance of the eurozone will be less sensitive to exchange rate fluctuations.

　　2．由于欧洲各国货币间的矛盾不复存在，欧元区的经济对汇率波动将不再那么敏感。

　　3. With the completion of EMU, the European financial market will become truly integrated with the implementation of an efficient trans-border payment system (TARGET). The recent agreement clinched by the ECB to finalize the deadline for lowering the charges and commission rates for trans-border transactions and capital transfer can serve as a case in point.

　　3．在欧洲货币联盟建成之后，随着一个高效率的跨国界支付制度的实施，欧洲的金融市场将在真正意义上实现一体化。一个现成的例子就是，在欧洲央行最近的一项协议中，跨国界交易和资本流动的成本和银行佣金率降低的最后期限被。

　　4. The euro should constitute an important reserve currency and play a key role in portfolios of financial assets on an international scale.

　　4．欧元应该成为重要的储备币种，并在国际金融资产组合中起关键作用。

　　5. European economic policies should, in light of its aim to foster easy monetary conditions and maintain appropriate exchange rates, merit close attention as a valuable source of reference in international economic affairs.

　　5．鉴于欧洲经济政策的目的在于创造宽松的货币环境和保持适当的汇率水平，因此它可以为国际经济运作提供参考，值得密切关注。

　　6. The representation of the EMU within international institutions such as the IMF is a matter awaiting further discussions and consultations. Mechanisms of monitoring and mutual compatibility are to be highlighted.

　　6．欧洲货币联盟在包括国际货币基金组织在内的国际机构中的代表权问题有待进一步的讨论和磋商。需要强调的是监督机制和政策的相互协调性。