Amazwe alawula amaRhafu okuThengiswa kweMali
Ngaphezulu kwabo, ii-ERM ezijikelezayo zivumela i-currencies ukuba ithengise ngaphandle kokungenelela koorhulumente kunye neebhanki eziphambili, ngelixa i-ERM ezichanekileyo zibandakanya naziphi na amanyathelo afanelekileyo ukuze kugcinwe amaxabiso abekwe kwixabiso elithile. I-ERM ezilawulwayo ziwela ndawo phakathi kwezi zigaba zibini, kunye neYurophu Exchange Rate Mechanism ("ERM II") ngumzekelo ogqithisekayo osasetyenziswa namhlanje kumazwe afuna ukujoyina imanyano yemali yaseYurophu.
Imbali ye-ERM
Uninzi lwemali luqala ngokusesikweni kwiindlela ezichanekileyo zendlela yokutshintshiselana, kunye namaxabiso abo asetyenziswa kwizinto ezifana negolide. Enyanisweni, idoli yaseMelika yayigxininiswa ngokusemthethweni kwixabiso legolide ukuya kuOktobha ka-1976, xa urhulumente ekhuphe iziboniso zegolide kwiimimiselo ezisemthethweni. Amanye amazwe aqala ukulungisa iimali zabo kwi-dollar yase-US ngokwabo ukukhawulelana nokungabi nantoni, kuquka neqabane elikhulu lezohwebo zase-US - iChina - ogcina elinye izinga lokulawula kuze kube namhlanje.
Ngama-1990, amazwe amaninzi amkela ii-ERM ezijikelezayo eziye zahlala zona zikhethwa kakhulu ukulungiselela ukugcina umbane kunye nokunciphisa ingozi yezoqoqosho. Ukungafani nomgaqo kubandakanya amazwe afana neVenezuela neArgentina, kunye namazwe ayenayo ukunyuka kwesikhashana kwixabiso lawo. Ngokomzekelo, iJapane neSwitzerland zombini yamkela ii-ERM ezizimeleyo ngokuphendula kwiCrisis Financial Crisis yaseYurophu eyabangela ukwanda okwexabiso.
I-ERM echitshiweyo yanceda ekunciphiseni ukungaqiniseki okuhambelana nokunyuka kweemeko kunye nokunyanzeliswa kwexabiso lokunyuka kwexabiso, kodwa ii-ERM eziguquguqukayo zinokuncedisa ukuphucula amazinga okukhula kunye nenkululeko yemali ukugxila kwizoqoqosho zasemakhaya. Ngenxa yezi zizathu, oorhulumente abaninzi banokusebenzisa ii-ERM eziguquguqukayo kunokugcina ii-ERM ezizimeleyo.
Indlela i-ERM Work
Iindlela zokulawula utshintsho ngokufanelekileyo zisebenza ngokubeka uluhlu olufanelekileyo lokurhweba kwizinga lokutshintshiselana kwemali kwaye ke ukunyanzelisa ulwahlulo ngamanyathelo okungenelela. Ngokomzekelo, iJapane inokubeka i-yen yaseJapan malunga ne-dollar yase-Japan. Ukuba iJapan yaseJapan iyaxabisa ngaphezu kweli nqanaba, iBhanki yaseJapan ingenelela ngokuthenga ubuninzi beedola zase-US kunye nokuthengisa iJapan yaseYapan kwimarike ukunciphisa intengo.
Ezinye izixhobo ezingasetyenziselwa ukukhusela izinga lokutshintshisana ziquka amanani kunye nekota, amazinga ezenzalo zasekhaya, umgaqo-mali kunye nemali-mali, okanye ukutshintsha kwi-ERM ejikelezayo. Ezi zicwangciso zixubekileyo kwaye zixhomekeke kwiimeko. Ngokomzekelo, ukunyusa izinga lentengo kungaba yindlela efanelekileyo yokwandisa ukulinganisela kwemali, kodwa kunzima ukwenza ukuba uqoqosho luqhuba kakuhle.
Ekubeni iibhanki eziphambili ziyakwazi ukuprinta zazo iimali zekhaya zaseburhulumenteni ngokwezinto ezingenamkhawulo, abahwebi abaninzi bahlonipha imida ye-ERM ehleliweyo okanye ehleliweyo. Kukho iimeko ezidumileyo zezi-ERM ezichanekileyo okanye ezizimeleyo ezihlulekayo, kuquka u- George Soro owaziwayo kwiBhanki yaseNgilani. Kule meko, abahwebi bangasebenzisa umlinganiselo wokwenza ibhethri ezinkulu malunga nemali eyenza uncedo olubi kakhulu kwiibhanki eziphambili ukuba zenze ngaphandle kokubangela ukunyuka kwamaxabiso.
ERM kwi Practice
Umzekelo ogqithisekayo wendlela yokutshintshiselwa kwezinga lokutshintshiselwa yi-Euro Exchange Rate Mechanism, eyenzelwe ukunciphisa izinga lokutshintshiselwa kwemali kunye nokufezekisa ukuzinza kwemali eYurophu ngaphambi kokusungulwa kwe- euro ngoJanuwari 1, 1999. I-ERM yenzelwe ukulungelelanisa Intlawulo yokutshintshiselana kwemali phakathi kwezi mazwe phambi kokuhlanganiswa ukuze kuphephe iinjongo ezibonakalayo kwiimarike ekufumaneni iibherethi zayo.
Nangona i-ERM yaseYurophu yasekuqaleni ichithwe, i-ERM yaseYurophu II yamkelwa ngomhla we-Meyi 1, 2004 ukwenzela ukuba kuncede amalungu amasha e-euro angene. Amazwe abandakanyekayo afaka i-Estonia, iLithuania, iSlovenia, iCyprus, iLatvia, neSlovakia phakathi kwabanye. ISweden ivumelekile ukuba iphume kwi-ERM, ngoxa iSwitzerland isoloko ihamba ngokuzimeleyo kude kube yilapho i-Eurozone Crisis Debt iholele kumyinge we-euro.
I-China nayo igcina i-ERM eguquguqukayo ne-dollar yase-US, kodwa i-People's Bank yaseTshayina iye yaziwa ngokungaqinisekiyo xa ivikela. Ngokomzekelo, ilizwe liye lavuma ukuvumela ukuba imali yalo ibhekise kumbango omkhulu wokuba ube yinye yee-currencies zeemfuno zelizwe ezisemthethweni, kunye ne-dollar yase-US kunye ne-euro. Kodwa, abantu abaphikisayo bathi ukuhlaziywa kwamanye amazwe kuye kwenza ukuba amazwe angaphandle athengise ngexabiso xa urhulumente efuna ukukhulisa izinga lokukhula kwezoqoqosho.