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19:09 Jan 25, 2011
English to Serbian translations [PRO] Bus/Financial - Finance (general) / exchange rate
English term or phrase:vanishing middle thesis
At first glance, the experience of Asia sits well with the vanishing middle thesis.
Today, I would like to address some lessons from the experience of Greece, the newest member of
the euro area, in its quest for EMU membership. I will confront what appears to be a dilemma. As we
have heard this morning, much of the economics profession appears to have been converted to the
“hypothesis of the vanishing middle”; for economies well integrated into world capital markets, there is
little, if any, middle ground between floating exchange rates and monetary unification. Effectively, this
hypothesis rules out intermediate regimes. Yet, a requirement for entering the euro area is
participation in ERM II, which is, after all, an intermediate regime. How can this dilemma be resolved?
Mozda se odnosi i na privrede. Ali, iz ovog pasusa se vidi da s e odnosi (i) na devizne kurseve:
"What has emerged in its stead was the so-called "vanishing middle thesis", which posits that only a clean float and a hard peg are truly compatible with an open capital account"
teza o nestajanju sistema sa kombinovanim nacinom formiranja deviznih kurseva
Explanation: Evropski mehanizam formiranja deviznih kurseva (ERM) se bazira na konceptu fiksnih margina formiranja deviznih kurseva ali sa dozvoljenim variranjima unutar tih margina. Ovakavi i slicni sistem se nazivaju polu-fiksirani ili prelazni sistemi. Iako se smatra da oni nisu odrzivi, dodatni mehanizmi uvedeni u Evropskoj zajednici, omogucuju da on ipak u praksi ostvaruje pozitivne rezultate.
Example sentence(s):
The underlying premise of this hypothesis is that increasing globalization has undermined the viability of intermediate exchange rate regimes, such as adjustable pegs, crawling bands, and target zones
The European Exchange Rate Mechanism is based on the concept of fixed currency exchange rate margins, but with exchange rates variable within those margins what is also known as a semi-pegged system.
The translation workplace 
