區域經濟整合為 1990年代國際經濟發展之主要潮流，其中尤以歐洲聯盟

之演變最引人注目。歐洲聯盟正進行中之貨幣單一化乃區域經濟整合之最

高目標，亦為其未來政治聯盟之基礎與成敗關鍵所繫。就目前情況來看，

歐洲單一貨幣的實施遭遇若干阻礙，但不論此目標能否如期達成，其勢必

會對國際金融市場與全球經濟造成重大影響。由於我國之經濟發展與對外

貿易之成長息息相關，因此對於此種區域貨幣整合之形成有必要加以深入

瞭解。對參加貨幣同盟之各會員國而言，貨幣整合之利弊兼而有之。本論

文將由組成貨幣同盟之成本效益問題出發，探討能使各會員國在加入貨幣

同盟後獲得淨效益之條件；並就歐洲聯盟推動貨幣單一化過程中所遭遇之

問題，例如：貨幣同盟應採取何種貨幣整合方式、各會員國之財政政策應

扮演何種角色、貨幣整合時所選擇之貨幣兌換率將對貨幣同盟造成何種影

響、以及為維繫各會員國之貨幣整合關係不致瓦解，貨幣同盟於共同決策

方面將形成何種權力分配等，作一整理分析。

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