【全國英語等級考試四級】Unit 3 經(jīng)濟I- passage (4/4)

Furthermore, the point of having separate currencies with an exchange rate between them is to be able to let that exchange rate change. In classical economies, the purpose of allowing exchange rate changes is to have it act as a shock absorber for disturbances that impact on the partner economies in different ways - in the jargon, to absorb "asymmetric" shocks. The question is, how efficiently will the alternative single currency work? Finally, a single European currency may lead to a loss of sovereignty. Monetary integration does require coordination between governments and Central Banks. Complete monetary union and a single currency would require a single monetary policy. This has led some goverments, especially the UK goverment, to argue that moves towards monetary integration involve a loss of sovereignty with respect to macroeconomic policy.