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加入歐元對倫敦做為國際金融中心的意涵:兩種途徑的選擇
The Implications of the UK's Euro Membership for the City of London as a World Financial Center: A Choice between Two Paradigms
羅至美(Chih-Mei Luo)
47卷4期(2008/12/01)

本文旨在分析歐元對倫敦金融中心其影響與未來發展。以倫敦金融中心目前境外金融的特質,歐元的出現對其意義為機會多於威脅,然而,本文發現,此一境外金融的競爭優勢卻未因此使其內部對歐元議題產生一致的態度,反而出現嚴重的意見分歧。根據此一發現,本文因而對過去習於認為倫敦金融中心以其對英國經濟與政治的重要性,其政策偏好將為主政者決策指標的傳統看法提出質疑。本文解釋此一分歧的立場反應的是倫敦金融中心對於應如何發展為國際金融中心的兩種途徑之爭論:國際境外金融途徑與境內實體金融途徑。倫敦金融中心的崛起與轉型融合此兩種模式,惟在全球化時代,各國金融法規已朝自由化/去管制化修正的趨勢,以及每當金融危機發生時,以「輕管制」為競爭優勢的境外途徑所暴露出較低的自主與防禦能力的事實,使前者模式較後者倍受挑戰。基此競爭力的保有與自主能力提升的 觀點,本文認為歐元的出現與會員資格可為倫敦金融中心帶來一歷史性契機:由目前國際境外金融的本質轉變為歐元經濟體境內的實體金融中心,後者模式就其本身而言,是較永續與防衛性的發展途徑。

 

This paper examines what the euro means, both to the current offshore- dominated City of London (the City) and for its future development. With its offshore nature, the City benefits more from the introduction of the euro than being threatened. Its competitive advantage as an offshore global portal of euro-related business, however, does not harmonize opinions within the City on the issue of the UK’s euro membership. Rather, City practitioners’ attitudes are divided. This finding thus challenges the conventional wisdom that the City’s preference should be an indicator of the government’s decision-making because of its economic and political significance. Such divided attitudes, explained by this paper, reflect the City’s debates over two paradigms of how to develop a financial center—an ‘offshore City’ established through an international offshore approach on the one hand, or an ‘euroland City’ with onshore, European orientation on the other. With the trend of financial regulations around the world being liberalized/deregulated, and the offshore model’s weakness of the lack of autonomy and self-defence capability being exposed during financial crises, the former, argued in this paper, will appear more vulnerable than the latter in an era of globalisation. From the perspectives of maintaining competitiveness and enhancing autonomy, this paper contends that the advent of the euro and the UK’s euro membership could imply a historic opportunity for the City to transform itself from the current offshore entrepot to an embedded, substantial onshore center by utilising the backing of the euroland’s industrial strength, which, in itself, would be more sustainable and defensible in the long-term.

 

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