This mechanism is contrary to the applied economic condition according to the hypothesis of optimal monetary area. So, a new option has to be made for RMB exchange rate mechanism.

用最优货币区理论假说来衡量，这一制度与它所要求的经济条件之间存在很大反差，所以，人民币汇率制度存在重新选择的必然性。

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This paper first introduces general theories of economic integration and optimal currency area and reviews the history of European Union and European economic and Monetary Union.

本文首先介绍经济一体化的一般理论和最优货币区理论，并简要回顾欧盟以及欧洲经济货币联盟成立的过程。

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Even before the euro was adopted, in 1999, it was clear that neither the EU nor the 12-member subset that has joined the monetary union was an optimal currency area.

ECONOMIST: Can this union be saved?

An optimal currency area would require convergence on monetary, fiscal, exchange rate, and political policies, which in turn would lead to productivity and growth rate convergence, explained Roubini.

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