As bank notes are only one element of the monetary base , and as the convertibility of large amounts of bank notes into other forms of money is not guaranteed , this arrangement was actually rather ineffective in the achievement of the monetary policy objective of a stable exchange rate 7 . 80港元的固定汇率发行及赎回。由于银行纸币只是货币基础其中一个组成项目，而且能否把大量银行纸币兑换成其他形式的货币是没有保证的，因此这项安排对达致稳定汇率的货币政策目标其实是没有多少作用。
The sceptics will go on to suggest that poor performance of the euro to date , coupled with nationalistic resentment of the imminent loss of one s own banknotes - to many an emotive symbol of national identity and sovereignty - might yet cause a wave of popular opposition to the euro at the eleventh hour 有些人更认为欧元面世以来表现偏差，加上各国银行纸币往往具有象徵国家身分及主权的情绪意义快将消失令某些国家人民不满，可能会在最后关头广泛掀起反对欧元的浪潮。
