Research on the EU Monetary and Financial Legal System

Author: Zhang Zhiyong
Publisher:
Publish Date: 2006-03-02
Features: From July 2000 to September 2001, I participated in the first phase of the China-EU Legal and Judicial Cooperation Project as a lawyer team member and studied in Europe. During the nine months in Europe, I studied EU law and local laws in the UK, Spain, Denmark, and Belgium. Although this was not a purely academic project, its unique arrangement provided me with practical experience that inspired my interest in European integration research. Before I went abroad, the euro had already been launched, but its banknotes and coins had not yet entered circulation, and the euro exchange rate was continuously declining. I was skeptical about whether the euro would succeed. However, when I was able to move freely within the EU, I experienced both the convenience brought by integration and the drawbacks of monetary non-unification. As a result, while eliminating my doubts about the euro, I also hoped to conduct further research on the EU's economic and monetary union. My research on the EU was driven by both interest and the desire to provide some reference materials for the construction of China's socialist market economy. The slogan of European integration is "one market, one currency, one law." When the euro was launched in 1999, the EU had 15 member states but established a common market for the free movement of goods, services, people, and capital, with 11 countries adopting a single currency (Greece became the 12th member of the eurozone in 2001). Now, the EU has 25 member states and is expected to expand to 27 by 2007, further enlarging the common market. At the same time, the EU is discussing the drafting of a constitution. Whether a "United States of Europe" will emerge in the future cannot be conclusively determined, but neither can it be absolutely denied. In contrast, our country is a unitary state with a central government, a unified law and currency applicable nationwide, but we have yet to establish a domestic unified market for the free movement of goods, services, people, and capital. Therefore, what lessons European integration can offer us is worth pondering by scholars upon returning to China. After returning, I applied to the Law School of Peking University for a research topic on "The Legal System of the EU's Monetary and Financial System" and received funding from the "Peking University World-Class University Construction Plan." Due to my stupidity and laziness, I have only completed the manuscript until now, which makes me feel deeply ashamed. For any errors and omissions in the book, I sincerely welcome your corrections and advice.