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- KINH T^ - PHAP LUAT CHAU AU
DONG €URO Vfl CUdC KHUNG HORNG NO CONG CHnU RU
Ths. Dinh Cong Hoang
Tru'dng Dgi hgc Tong hap Coventry - Vwarng quoc Anh
1. Mo-dau tir mgt khu vuc tu do thuong mai, lien minh
thuc quan chung, thj truang chung, lien minh
Ddng Euro va cupc khiing hodng ng
kinh tl lien te, mgt ddng tien ehung (Euro)
cdng tai chau Au dang la dc tai ndng nhdt,
vd cudi ciing Id mdt lien minh ehinh In cho
gay nhieu tranh cdi vd bat ddng giira nhiing
lat ca cdc nuac thdnh vien (Song V 2011).
nhd lanh dao, hoach djnh kinh le hpc tren the
Lien minh Chdu Au thuc sir da di mdt chang
gidi: Ddng Euro cd thuc sir dd la su lira chpn
dudng ddi trong \ ice xay dung va phat trien
khdn ngoan cho cac nuac thdnh vien EU, vd
nd cd the tiep tuc ddng vai trd quan trpng de trdr thdnh mdt lien minh ve kinh te, chinh
trong nen kinh te tdi ehinh todn edu hay tri nhu hien nay.
jr ^ y r
khdng? 1. Ly thuyet Khu vice dong tien tdi uu
Bai viet ndy se gidi thieu nhimg ea sa Ddu lien, ddng Euro bdt ngudn tir y
nen tang chung eua Lien minh Tien te Kinh tudng ve ly thuyet "khu vice dong tien loi
te Chau Au (EMU) vd sir ra ddi eua ddng iru ", duge gidi thieu bdri nhd Nobel kinh te,
Euro, phdn tich nhCmg lgi ich mang lai cho Robert Mundell vao nam 1961. Lap luan
eae nude thanh vien Euro vd ed phdn cdn lai ehung cho rdng, cdc cd nhdn, td chiic vd nha
cua the gidi. Cd diem manh vd diem yeu eua nuac se nh^n duge nhieu lgi ieh tir viec chia
ddng Euro cQng deu dugc dua ra xem xet. se mgt ddng tien chung dugc chap nhan va
Tac gia edn dua ra nhCrng vi du vd nhOng sir dyng or mgi noi md khdng cdn phai
nghien eiru vai nhCrng gdc nhin khde nhau chuyen ddi ngoai te khi di du lich, ciing nhu
cua cac hpe gid tren the giai. cdc boat dgng xudt nhdp khau (Baldwin va
2. Nhihig C * sdr nen tang ciia dong
O Wyplosz, 2009). Ly thuyit "khu vuc ddng
Euro lien toi uu " vi the co gdng trd ldi mdt cdu hdi
hdc biia Id; "Sd lugrng dong tiin tdi uu dugc
Ddng Euro ndi len trong bdi cdnh md
sir dung vd luu thdng trong mot khu vuc la
loan cdu hda, khu virc hda vd hdi nhdp kinh
bao nhieu? " (Horvath vd Komarek, 2002).
te da tra thdnh xu the khdng thi thay doi cua
lodi ngudri. Trdi qua 40 ndm hdi nhdp khu Tir quan dilm kinh tl hgc, "khu vuc
vuc. Lien minh Chdu Au (EU) dd phdt triln ddng tiin tdi im" xdy ra khi chi phi vd lgi
- ^Stiq Sui'O^ IHI eud^ Itiiunq hounq,... 13
nhuan chenh lech gap nhau, khi mdt ddng 2. Lien minh Kinh te Tien te Chau Au
tien ehung d\iqc sir dung bdi cae nude thanh (EMU)
vien. Ndi each khac, viec nhieu ddng tien Ddng Euro lan dau duge dua vao luu
duge luu thdng sir dung trong mdt khu vuc
thdng nhu la ddng tien chung duy nhat eho
mpt mat se mang lai su da dang, nhung mat
11/15 nude thugc Lien minh Chau Au vao
khac se gay nen hieu irng sdc bat can xirng
ngay 1 thang 1 nam 1999. Su ra ddi eiia nd
ddi vdi cae nude thanli vien tham gia ddng
thue te bat ngudn tir Hiep ude Masstrict vao
tien ehung. Hieu ling sdc nay sinh la do su
thang 11 nam 1993 vai su thanh lap ciia Lien
khac biet \ c eau true he thdng va cau true
minh Kinh te Tien te Chau Au (EMU) (Dinh
kinh te xa hdi nhu: he thdng luat phap, su
T, 2004). EMU, theo djnh nghTa la he thong
khac nliau \e ITnh vuc tai chinh. ngan hang
ty gia hdi doai ed dinh dnaz su thda thuan,
hay cdng nghiep, cau triic ng cdng, dae diem
ddng y giiia cae qudc gia thanh vien trong
quan he giiia cdng dodn, doanh nghiep va
EU (Sloman vd Hinde, 2007). EMU la giai
chinh phii v.v. (Baldwin va Wyplosz, 2009).
doan cudi cung eua thi trudng ehung chau
Troag bdi canh khung hoang kinh te loan eau
Au. Lien minh Chau Au dua vao ba try cdt
hien nay, vi du hien nhien nhat dd la nhung
chinh: ddng Euro (nay la 17 nudc), thi
nudc cd nen kinh te yeu kem se phdi chiu
trudng chung, vd he thdng dieu phdi ehinh
anh Qudng manh me va sau sac nhat (Hy
Lap)... sach ehung.
Vai eae y tudng ddng gdp eua nhieu hpe Nam dieu kien de gia nhap EMU la:
gia tir thap ky 1960 1970, nham giam bdt Ddng tien eua eae nuac phai duge nam trong
he thdng ea ehe ti gia hdi doai cG (ERM) it
hieu ling sdc bat can xiing, cd bay dieu kien
nhat 2 nam; Miie lam phat thap (khdng vugt
da duge dua ra eho mdt khu vuc ddng tien
qua 1,5% so vdi mire trung binh eiia 3 nen
tdi uu. Bdn dieu kien ehinh ve kinh te bao
kinh te ed mure lam phat thap nhat chau Au);
gdm: Yeu td di chuyen ve vdn, sure lao ddng
Lai sudt ddi ban (khdng vugt qua 2% so vai
va ehu trinh kinh doanh (Mundell, 1961);
miie trung binh cua 3 nen kinh te ed miic lai
Miie dp ma cira eua nen kinh te (McKirmon,
sudt thdp nhdt chdu Au); Tham hyt ngdn sdch
1963); vd Da dang hda san phdm hang hda
thdp (duai 3% tdng thu nhdp qudc dan GDP);
(Kenen, 1969). Ba dilu kien ve ehinh tri Id:
vd Miic ng cdng (dudi 60% tdng thu nhdp
Chil nghTa lien bang vl tiln te (Kenen, 1969);
quoc dan GDP) (Weerapan, 2004).
Hpi nhdp ehinh sdch (Ingram, 1969),
Haberler (1970), vd Tower Wilier (1970); vd Khi EMU duge thdnh lap, ciing vai eae
Miie dp tuong ddng vl lam phdt (Fleming, Ngdn hdng Trung uong qudc gia cae nuac
1971), (Song, 2011). thdnh vien, mpt Ngdn hdng Trung uong
- 14 NGHIEN CLfU CHAU AU EUROPEAN STUDIES REVIEW N°l 2 (135).2011
Chau Au mdi, gpi tdt la I-.CB, sS thay mdt minh Chau Au dd giup ndng cao vi the tdi
eac nirdc lhanh vic*n, cd nhiem vu dieu phoi chinh va chinh tri ciia ddng lien ndy trong thi
eac chinh sach ticn tc ehung ciia khu vue. trudfng tai chinh quoc te. Tdc gid Mundell
Mue tieu dau ticn cua FCB la binh on gia ca: (2000) nhan xet rdng sau khi dong Euro ra
Duy tri mire lam phat dudfi 2% eho ea khu
ddi, xu the chii dao ciia nin kinh te the gidi'
virc kinh tc dong Euro (Dieu 15). Mpt nhiem
dugc dinh hinh bai ba dong tiln ehinh la
\'U quan trpng nira la dam bao phat trien kinh
ddla (My), Yen (Nhat) vd dong Euro (Lien
tc xa hdi \a ti lc that nghiep d mire thap
(Dieu 2) (Baldwin va Wyplos/., 2009). Chinh minh Chau Au).
sach tai khda va eac ehinh sach khac van C) cdp khu vuc. nhung dieu phdi chinh
duge quan ly bai eae qudc gia thdnh vien, sach tiln tp dd cd kcl qua tdt hon cho eac
nhung phai tuan theo nhCrng quy tdc ehung
nuac thdnh vien. Dieu dd cd nghTa la EMU
eiia Khdi (Song V 2011).
da dua ra nhCmg ehinh sdch tien te nhdm ket
3. Nhung lgi ich voi cac nudc thanh hgp giCra he thdng ti gid hdi doai linh boat
vien Lien minh Chau Au
vai ty gid hdi doai ed dinh, dap iing nhanh
Mae dil edn tdn tai nhiing bat lgi, vi du nhay vai nhCmg thay ddi cua thi trudng ben
nhu quyen tu quyet ve ehinh sdch lien te va ngodi. Mgt Ngdn hdng Trung uong vdi nhieu
eae ehinh sach ndi bd khac nhu nhCmg nii ro
quyen lyc se hieu qud ban trong viec dat
ve hieu iing sdc bat can xiing, sy thay ddi
dugc mire hgi nhdp kinh te cao hon cho loan
cua cae he thdng tdi khda, hoac tieng ndi yeu
Khdi. so vdi h? thdng ERM truac kia
the eua eae nen kinh te qui md nhd ban, song
nhin todn cue, nhimg lgi ieh van la yeu td (Weerapan, 2004).
thiie day cae nuac EU sir dung ddng lien O cdp qudc gia, ddng Euro se giiip thuc
ehung Euro. day dn djnh kinh te vT md (bdi miic lam phat
Nhin chung nhiing lgi ich cua ddng thap) vd tdng trudng kinh tl bin vimg, cung
Euro da mang lai cho cae nuac thdnh vien, nhu ddy manh qud trinh tdi co cdu, tdi cdu
dae biet trong thuong mai qudc te. Id khd da tnic, giiip cdc nin kinh te cdc qudc gia thdnh
dang:
vien boat dgng hieu qud horn trong triln vpng
1. Tir gdc dg dja - chinh tri ddi han (Dinh T., 2004).
O cdp todn cdu, viec sir dung ddng tien Q cdp doanh nghiep, he thdng Idi sudt
chung Euro bai cdc nuac thdnh vien Lien thdp, cd nghia Id chi phi kinh doanh se thdp
- ^&*iq ^ui^ ixiL eude. Itliunq tuMug,... 15
ban, se giiip cho cac doanh nghiep ed the tim de ban che thuang mai. Ngodi ra, nd eGng
kiem nhieu ca hdi phat trien tai eae thi giup ngdn chan cae boat dgng mua ban ngoai
trudng khac nhau trong Lien minh Chau Au. te eiia gidi dau ea ngan ban.
O cdp do cd nhan, du Hch eiing nhu 3. Tir gdc dg kinh doanh va thuang
mua sam tieu dung se re ban va de dang ban mgi qudc te
eho eae cdng dan EU. Mdt nghien ciiu udc Ve ly thuyet, rat nhieu nha lam chinh
tinh, ehi phi da gidm 6,25% eho khach du sach va kinh te hpe cho rang, bang viec sir
lieh trong khu vyc ddng Euro (Pareja, Vivero dung ddng EURO, mdt he thdng ty gia hdi
vd Serrano, 2007). doai dn djnh s6 thiic day hdi nhap kinh doanh
va thuong mai qudc te, giCra eac nuac thanh
2. Tir gdc dg tai chinh: Cd mdt sd lgi
vien trong khu vyc ddng Euro. Dieu nay
ieh ea ban nhu:
ehiing minh cho gid thiet eua McKirmon
Thd nhdt, ddng Euro da mang lai sy rang eae thdnh vien se "mdr ban" vd "giao
binli dn ldn ban cho he thdng hdi doai trao djch thuong mai nhieu hon" trong "khu vyc
ddi ngoai te khi da loai bd rui ro do nhiing ddng tien tdi uu" Ly do da duge de cap a
thay ddi ti gia giCia eac ddng tien cae qudc tren la: Mdt ddng Euro an toan ban khdng
gia. Dieu nay giiip gidm thieu rui ro eho eac chi gidm thieu chi phi giao dich, md cdn giiip
doani nghiep trong boat ddng ngoai thuong loai bd nhCing nii ro thay ddi ve ti gia giiia
trong 'diu vyc ddng Euro. eac ddng tien (Baldwin vd Wyplosz, 2009).
Thu hai, ddng Euro loai bd nhu cau Theo cdc ket qud nghien eim khac nhau,
chuyen ddi cdc ngoai te giira cdc nuac thdnh miie tdng tir 5% tdi 20% ve thuong mai ndi
vien. Viec sir dung mdt ddng tien chung khdi trong Lien minh Chdu Au (so sdnh vdi
Euro da tiet kiem 30 ti ddla mdi nam cae nuac khdng phai thdnh vien) da dugc
(Portone, 2004), cho chi phi giao dich ehiing minh bdi nhieu hge gid (Nistseh vd
chuyen ddi ngoai te khi cac ngdn hang qudc Pisu, 2008). Nghien ciiu gdn day cua nhdm
te thudng tinh miic phi tir 1% den 2% cho hgc gid Baldwin, DiNinO, Fontagne, De
mdi giao dich khi chuyen ddi tir mdt ngoai te Santis, vd Taglioni (2008) eho Uy ban Chau
Au lai tap trung gidi thich ddng Euro da giiip
nay sang ngoai te khdc (Weerapan, 2004).
tang trudng ve thuong mai nhu the ndo. Hg
Cudi cung, ddng Euro mang tai tinh thay rang viec tdng trudng thuang mai ndy
^ minh bach vd tiem can ve gid ed giiia cae chu yeu Id do cd ngdy cdng nhilu hon sd
>' nude thdnh vien Lien minh Chdu Au. Khi gid lugng cdc doanh nghiep vd sdn phdm xudt
cd sdn phdm vd dich vy trong khu vyc ddng khau duge trao ddi thuang mai giiia cdc
Euro tra nen minh bach vd tiem can hon, nuac thdnh vien. Do loai bd duge cdc chi phi
chinh phu se it phdi su dung nhCing rao ean ed dinh vd cdc chi phi khdc nen ddng Euro
- 16 NGHIEN CCfU CHAU AU EUROPEAN STUDIES REVIEW N°12 (135).201
da giiip eho "nhung doanh nghiC'p chua tirng eiia dong Euro vao FDI tai ITnh vyc sdnxuj
xuat khau da bat dau tim kiem duge nhirng lan h(m rat nhieu so vai ITnh vyc dich vu, 1
C hpi xuat khau" va "nhirng doanh nghiep
O do ed the do eae rao can bao hg dp dat ch
Ja xuat kiiau bat dau ma ipng quy md cung nganh djch vy ldn han so vai boat dpng sai
nhu danh muc san pham eiia minh ra thi xual. Cudi ciing, eac tdc gid cung cho ran]
trudng ben ngoai" ddng Euro dd thue ddy eac boat ddng M&/
(lien kcl vd sdp nhap) bdri ea doanh nghiep e(
Mpt sd nghien eiru khac lai cho rang,
nen kinh tc eiia cae quoc gia khu vue ddng quy md lan cung nhu vira va nhd (Baldwin
Euro thyc sy da duge hpi nhap sau rpng tir DiNino, I'ontagne, De Santis \ a Taglioni
trudc khi ddng Euro ra ddi, vi vay s2 ed rat it 2008).
tac dpng ciia ddng lien nay vao cac hoat 4. Lgi ich voi cac nu'o'c tren the gioi
dpng thuang mai cua cac nude thanh vien
Ddng Euro khdng ehi mang lai lgi ich
ban dau (Silva va Tenereyro 2010) va mirc
cho eae nuac lhanh vien EU ma cac qudc gia
tang trudng thuang mai thyc chat chi la sy
vd khu vyc khac tren the giai cung dugc
tiep ndi xu the phat trien trong dai ban, kit
hudng lgi nhieu tir sy ra dai eua nd.
qua eiia mdt loat cac ehinh sach hdi nhap
kinli te manh me eiia EMU (Berger va Nitsch O muc do quoc lc. sy ra ddri eua ddng
2008). Euro da gidm thieu nii ro \e ngu>' ea ddla
hda nen kinh te todn cau, bdri sy phu thupc
Ddi vdi cae hinh thirc FDI (ddu tu tryc
thai qud \ao dong ddla My va kinh tl My
tiep) va M&A (lien kit vd sat nhap), ddng
trong giao dich thuang mai \a tai chinh
Euro eiing giup hap dan ddu tu tryc tilp va
(Dinh T., 2004). Nd giiip da dang hda dy tru
md rpng san xuat ea trong ndi Khdi eung
ngoai t? cua moi qudc gia (ddla My. Yen
nhu ben ngoai Lien minh Chau Au. Vl con
Nhat vd Euro), ddng Euro da tra thdnh ddng
sd, tac ddng ve FDI bai ddng Euro khdng
lien du trir quan trgng \a trong giao dich
hoan toan rd rang, nhung hdu hel cac nha
thuang mai qudc te ciia nhilu qudc gia tren
nghien cuu ddng y nd cd tac ddng lieh eye,
va ude doan mire tang tir 15% tai 200% eho the giai.
eae ddng dau tu ndi Khdi giira cae nuac (7 muc do khu vuc, ndm or vi tri dia
thanh vien, vd mirc tdng tir 7,5%) tai 100%) chinh tri quan trong tren bdn dd thi gidi,
eho eac ddng dau tu tir ben ngodi vdo Lien ddng Euro cd tdm dnh hudng lan trong viec
minh Chau Au. Dilu dd cd nghTa Id ddng
thiic ddy cdc boat dgng thuang mai qudc xk
Euro "hdp thy" rdt tdt ddng ddu tu tir ben
tai cdc khu vyc nhu: Trung vd Ddng Au
ngodi, tuy nhien tdc ddng ndy chi bdng mpt
(nhCmg nuoc truac kia sir dung ddng Mark
nira so vdi eae ddng dau tu trong ngi khdi
Dire), chdu Phi (nhimg nuac chiu dnh hudng
giua cac nuac thdnh vien. Ngodi ra, tdc dgng
bai ddng Franc Phdp), khu vyc Trung Ddng
- ^dnq ^uer^ tm eude Idtuttq hoAtiq... 17
(nhiing nude ed vi tri dia ly vd quan he kinh md thi trudng cua gidi dau ea ngoai te. Thu
doanh truyen thdng vai chdu Au) vd chdu A tudng Hy Lap, Tdy Ban Nha va dae biet la
(bdi rat nhieu cac boat ddng trao ddi thuong ba A.Markel, Thii tuang Dire eho rdng ehinh
mai nhu Dien dan kinh tl A Au ASEM) eae quy vd gi6i dau ea da lgi dung tinhhinh
(Dinh T., 2004). vd lam xdu hon cudc khiing hoang ng cdng
Vdi eae nuac khde, khu vyc ddng Euro tai Hy Lap vd eae qudc gia khac khi ban
vdi dan sd vd thi trudng rdng ldn, sir dung khdng ddng Euro de kiem ldi. Viec ddng
mdt ddng tien chung se mang lai nhCmg ea Euro "ddt len" nhu vdy da lam cho san pham
hdi kinh doanli cho eae doanh nghiep xudt xuat khau khd canh tranh tren thj trudrng
khau tim kiem ea hdi hgp tac cimg phat trien. qudc te, cung nhu thiic day nhap khau hang
5. Dong Euro va cuoc khiing hoang hda vdo ndi dia da lam tang ehi tieu cdng.
ng cong chau Au Mat khac, do cac nuac quan ly kinh te yeu
kem, chi nhieu hon thu, thieu minh bach, lam
1. Nguyen nhan khiing hoang nff cdng
it hudng nhieu, "vung tay qua tran", td hdng
Ly do xay ra cudc khiing hodng ng cdng thdi phdng eae bao eao, bien ng xau eua tu
tram trpng a chau Au hien nay (tai Hy Lap, nhan thanh ng xdu ciia nhd nude...
Bd Dao Nha, Tdy Ban Nha, Ireland, vd Y) la
Hieu ling domino ndy dan den viec, dau
do ed rat nhieu cac nguyen nhdn, cd ben
lien Id cdc doanh nghiep khdng tao ra doanh
trong lan ben ngodi, tryc tiep vd gidn tiep,
thu vd thanh loan duge eac khodn ng den ban
nhung phan ldn deu ed lien quan den ddng
(cudc khung hodng 2008 bat ngudn tir khu
Euro vd nhiing vdn de eua he thdng tai chinh
vyc tu nhan); Sau dd doanh nghiep bat dau
ngan hdng eua chau Au. Dau tien la viec
eau eiiu ehinh phu, gian ng, dao ng hay mua
ECB da dua ra ehinh sdch lai suat thap, dieu
lai ng tu nhdn, khi dd ng tu nhan chuyen
dd da khuyen khich ede ehinh phu vd doanh
thdnh ng cdng, cudi cimg dan den tinh trang
nghiep vay tien cdc ngdn hdng mdt each de
ng cdng ngdy cdng eao nhu hien nay
dang de phyc vu cho cdc boat dpng dau tu,
(Vovnews, 2011).
san xuat, chi tieu cdng. Dieu ndy cudi eiing
se dan din viec chi tieu vugt miic vd ldm Mdt nguyen nhdn xa hon nCia ciia eac
'• tang ng cdng. Thii hai, gid tri ddng euro dat khodn ng Id bong bdng tdi chinh duge bdt
len tuong doi so vai ddng ddla My bdi it ddu thdi Ien tir giai doan 2000-2007, thdi ki
nhdt cd ba ly do: Mdt Id chiln luge ddng nen kinh te todn cau khdi sdc da tao ra mdt
•' ddla ylu cua My, hai la ehinh sdch tiln te ngudn thdng du tdi chinh khdng Id (36.000 ti
khdng linh boat ciia ECB (dl dat muc tieu ddla ndm 2000 tai 70.000 ti ddla nam 2007).
1 ^ phdt thdp) vd ba Id boat ddng ldm meo Cdc nhd ddu tu vd td chiic bdt ddu tim kilm
- 18 NGHIEN CLfU CHAU AU EUROPEAN STUDIES REVIEW N°12 (135).2011
nhung thi trudrng mang lai lgi nhuan cao ban ti L:UR, gan bdng mirc 1.900 ti EUR eua
va tao ra nhung bong bdng a pham vi lodn Italy. 1 uy nhien tren thj trudrng tai chinh, khi
eau. Khi nhiing bong bdng nay bdt dau no, nhin vdo ng cdng ciia mgt qudc gia, cdu hdi
gia tri tai san giam va ganh ndng ng nan quan trgng lai Id ai dang Id chu ng ciia ehung:
dirge dat Icn vai doanh nghidp va ehinh phii Ng nuac ngodi hay ng ngudri ddn? Dieu nay
Cling \di he thong lai ehinh ngan hang (vdri lam cho bdi loan kha phiie tap va mang den
Ireland la bdng bdng thj trudrng bat dgng san, nhu'ng kit qua khde nhau vai cdc nuge np
Hy Lap la trai phieu ehinh phii, Iceland la sy cdng tren. N I U cdc ehinh phii nay ng nuac
ngodi thap, ng chii yeu do nguai dan nam
phat trit^n qua ndng ciia hO thdng ngan
giCr thi nhd nuac cd the gidi quyet ng cdng
hang...) (CPM, 2011).
bdng each dieu ehinh thuc tir nguai dan.
Ngoai ra, cae nguyen nhan khac cd the
kl den la: loan cau hda tai ehinh ngay cang Tuy nhien, neu ng nuoc ngodi chiem ti
sau rpng vd tinh lan tda nhanh, nhirng dieu trgng Idn trong co cdu ng, nguy ca dd va se
kien eho vay tin dung dc dang trong giai eao ban rdt nhieu. Vi du nhu Bi vd Y, co
doan 2002-2008 eiia eae nudc Eurozone, sy mire ng cdng tren GDP eao ban nhieu so voi
mdt can bdng ve thuang mai qudc te, bong Bd Dao Nha, nhung miie phi nii ro ma ho
bdng bat ddng sdn hi thdi phdng, tdng trudng phai trd thdp ban nhieu \ i chu yeu ng nguoi
cham ciia nen kinh te loan eau, nhiing quyet ddn, Bi thdm chi edn thdng du tdi khoan
djnh ehinh sach tdi khda khdng hgp ly trong vdng lai. Ddi vdi Hy Lap, viec quan trgng la
thu ehi cua eae qudc gia v.v. cdi td h? thdng ldi chinh va thyc hien ehinh
2. Thirc trgng sdch thdt lung huge bung Id cdn thiet bdi sir
yeu kem dd tdn tai sdu rgng trong he thong
Mae dil ciing roi vdo nhdm cd nguy co
sup dd tai cudc khiing hodng ng cdng chdu qudn ly nhd nuoc vd sy bdt hgp ly trong
Au hien nay, nhung Hy Lap, Y, Tdy Ban ehinh sdch qud rgng rdi md nhd nuac ty trao
Nha, Bd Ddo Nha hay Ireland lai mang cho khu vyc nhd nuac. Ireland Id mgt vi du
nhCrng dae diem rat rieng ed the dan tai khdc, vi nuac ndy ng nuoc ngodi rdt it va lai
nhu'ng ket cue khde nhau. Tinh den thdi diem cd thdng du tdi khodn vdng lai cua ngudi dan,
2010, so sanh vai ng cdng cua My Id 90.4%) ehinh phu khong cdn den nhimg gdi ciiu tro
GDP vd Nhdt Id gan 200%) (GDP), ng cdng tir ben ngodi md chi phdi huy dgng tilt kiem
eiia ca khdi Lien minh Chdu Au Id 80%) GDP, ciia ngudi ddn dk gidi quylt khung hodng.
trong dd: Hy Lap 123% GDP, Italy 127%
GDP, Ireland 142%, B6 Ddo Nha 87,9%, Ng nuac ngodi chinh Id nguy ca cua
Tdy Ban Nha 73,5%). Nan nhdn mdi nhdt cd khimg hodng vd hieu ling sup dd domino la
the se Id Phdp vai ng cong cham mirc 1.700 dilu khong thi trdnh khdi nlu mot trong
- ^diiq
- 20 NGHIEN Ctru CHAU AU EUROPEAN STUDIES REVIEW N°12 (135).2011
a) Uy ban Chau Au cd quyln xir phat Trudrc dd Lien minh Chdu Au da dua ra
eac nudc khdng luan theo cam kel ve ngdn ede gidi phdp cd ngdn h^n vd ddi ban nhu sau:
sach; Ve ngdn hgn
b) Ca 17 nudc khu vyc Eurozone phdi Quy Binh dn tdi chinh Chdu Au (EHSF):
thye thi cai Id, thay doi lual phap rieng nhdm ngdy 9/5/2010, 27 nuac chau Au dd ddng y
can bang ngdn sach; thdnh lap Quy Binh on tai chinh Chau Au,
mgt cdng cu ldi chinh hgp phdp giiip dam
e) Cac nuac Eurozone sc duge dp dat 7 A
eac khoan thuc doanh nghiep va giao djch tai bao dn dinh tdi chinh tai chdu Au.
chinh gidng nhau; Ca chi Binh dn ldi chinh Chau Au
(EFSM): Ngdy 5/1/2011, Lien minh Chdu Au
d) Cac khodn ho trg ldi ehinh trong
lhanh lap Co cbl Binh dn tai chinh Chau
tuang lai se khdng bdl budc eac nhd dau tu
Au, day la mdt quy khdn cap ldy vdn tir eac
ea the phai chiu nhu trudrng hgp vai Hy Lap
thi trudrng tdi chinh vd ngdn sach ciia Lien
vira qua. minh Chdu Au dudi sy ddm bdo bai Uy ban
Dang chu y, Anh - nuac dimg ddu nhdm Chau Au.
theo chil nghTa biet lap, cimg vai Thuy Dien, Hiep udc Brussels: Ngdy 26/10/2011,
Czech va Hungary, da tuyen bd "se phu lanh dao 17 nuac da hgp tai Brussel vd ddng
quyet bdl cu dieu gi phuang hgi den quyen y xda 50%) ng cho Hy Lap bdng quy cim trg
lgi cua Anh qudc" Dieu ndy khdng ndm do Quy Binh dn tdi chinh Chdu Au thye hien.
ngoai dy doan ciia gidi phdn tich nhung
Su can thiep cua ECB: ECB da thuc
ciing gap phdi sy gidn dii rdt ldn tir phia cdc
hien mgt sd nhiimg bien phdp nhdm ban che
nudc thanh vien Lien minh Chdu Au (BBC,
tinh bdt dn vd ndng cao tinh thanh khodn cua
2011). thi trudng tdi chinh.
Cudi cimg, sau 10 tieng ddng hd tranh Ddu lien, ECB bdt ddu mua lai cac
ludn, den sang ngdy 9/12/2011, Lien minh khodn ng ciia chinh phii vd tu nhdn, len tdi
A
200 ti Euro cho den cudi thdng 10/2011;
Chdu Au da dat dugc sy ddng thudn cao (trir
Tiep theo, ECB cong bd kl hoach phdn phoi
nudc Anh) ve "tang cudng ky ludt ngdn
cae boat dgng tdi cung cdp von ddi han; Thii
sdch" Ngodi 4 diem nhu tren dd neu, ed 2
ba, ECB khdi dgng lai hop dong hodn doi
bien phap la: Thdnh lap "Co cbl dn dinh
vdi ddng ddla dudi sy ho trg cua Cue Dy trii:
Chau Au" (EMS) sdm ban mgt ndm, kl tir
Lien bang My.
thdng 7/2012; Thir hai Id "Quy Binh on tdi
chinh Chau Au FESF" dugc gia ban din giiia Se tiin hdnh cdi td vd tdi ca cdu doi vcri
ndm 2013. he thdng tdi chinh ngdn hdng, qudn ly nha
- ^diKj. Sui'
- 22 NGHIEN Ciru CHAU AU EUROPEAN STUDIES REVIEW N°12 (1 2011
2. Baldwin, DiNino, Fontagnd, Dc Aug. 2010.
Santis, and Taglioni (200S), Study on Ihe htlp://www. unc. edu/~salemi/Econ006/Porton
hnpact of the Euro on Trade and Foreign e_2004.pdf
Direct hiYcsimcnt, Economic Papers 321, 9. Nitsch V, Pisu M (2008), The Euro
European Commission. and trade: new evidence, Voxeu,
3. Berger 11, Nitsch V (2008), Zooming htlp://www.voxeu.orK/index.php?q=nod
out: the trade effect of the Euro in historical e/1400, 10 Apr 2011].
perspective, IMF working paper, IMF
10. Silva J, Tenereyro S (2010), Has the
4. Dinh W (2004), The Euro, Institute euro increase trade? Short answer: no,
for European Studies Vietnam, Vietnam Centre Piece Autumn, 2010.
Academy of social sciences.
11. Sloman J and Hinde K 2007,
5. Horvath R, Komarek L (2002), Economics for Business. 4'*' Edition, Prentice
Optimum currency area theory: an approach Hall.
for thinking about monetary integration,
12. Song W (2011), Exchange rates.
Warwick economic research papers.
University slides. Critical Issues in Global
Department of economics, the University of
Business, Coventry University.
Warwick.
13. Weerapan A (2004) Lecture 16: The
6. Mundell R (2000), Currency areas,
European Monetary Union, Department of
exchange rate systems and international
Economies, Wellesley College.
monetary reform. Journal of applied
economics, Columbia University. 14. BusinessWeek 2011, Merkel slam
Euro Speculation, warns of "resentment"
7. Pareja S, Vivero R, Sen-ano J (2007),
The Effect on EMU on tourism, Review of 15. CPM 2011, The giant pool of money,
International Economics 2007. Chicago Public Media.
http://papers.ssm.com/sol3/papers.cfm? 16. Vovnews, 2011, Chdu Au dang tiin
abstract id=983231. 10 Apr 2011. tdi mdt cugc khung hodng tdi chinh.
8. Portone D (2004), The costs and 17. Kinh tl vd du bdo 2011, Bdo dong
benefits of the Euro in European Monetary do cho tucmg lai ciia ddng Euro.
Union countries. The University of North 18. BBC Vietnamese, 2011, Lanh dgo
Carolina at Chapel Hill. N.p., n.d Web. 3 chdu Au hgp bdn khimg hodng.
nguon tai.lieu . vn