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  3. With euro hills and coins now circulating across much of Europe, the European Monetary Union is fully in place. The post-World W

With euro hills and coins now circulating across much of Europe, the European Monetary Union is fully in place. The post-World W

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问题    With euro hills and coins now circulating across much of Europe, the European Monetary Union is fully in place. The post-World War Ⅱ European leaders’ dream of an economically and politically unified continent is one large step closer to realization, and membership in the monetary union could easily grow to 20 or more countries from the current 12 as the larger European Union expands to the east. A fully operational European Monetary Union does not come, however, with a guarantee of success. There is one enormous problem:  This union creates a single monetary policy for a group of quite different national economies that often experience divergent business-cycle patterns.
    As long as business-cycle conditions differ significantly among European Monetary Union countries, there is no way for the central bank’s policies to avoid creating serious problems for some members. The patterns of economic ups and downs remain far more diverse in the European Monetary Union countries, and it is not clear that this will change soon. The designers of the monetary union thought that the imposition of a single monetary policy, combined with free trade among the members, would cause cyclical conditions to converge quickly, producing a unified group of economies.
   A 1997 agreement also limits the power of the individual nations in the European Monetary Union to use government spending or tax cuts to ease national downturns. They can be fined if they run budget deficits of more than 3 percent of their gross domestic products. No fines have been levied yet, but the threat is there.
   Even if the economies of the original European Monetary Union members become more similar in their cyclical behavior, it will take far longer for the convergence to include the new member nations expected to come in within the next 10 or 15 years. The chances for consensus on the Governing Council, however thin now, will become far more distant with more members representing divergent national economies. And the larger nations, like Germany, France and Italy, might well resent the power of representatives from much smaller nations to outvote them on monetary policy.
   All of this does not mean that the European Monetary Union is likely to fail. But clearly the arrival of the euro as the standard currency does not guarantee the union’s success.  
The dilemma facing the European Monetary Union is the contradiction between ______.
选项 A、universal policy and different economies
B、monetary consensus and different opinions among member nations
C、member nations’ serious budget deficits with the Union’s restriction
D、original member nations and new member nations
答案A
解析 见第一段最后一句。
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