央行会发现，要弄明白这些新工具是如何影响货币情况或是到底起了什么作用并非易事。
Central bankers will find it harder to know how they are affecting monetary conditions or to be clear about what they are doing.
当地货币情况：据《华尔街日报》报道称，去年十二月，土耳其央行近十六个月来首次将汇率从5.75%下调至5.5%。
Currency condition: Last December, the Central Bank of Turkey lowered its exchange rate for the first time in 16 months -from 5.75 percent to 5.5 percent, according to the Wall Street Journal.
然而，一些政府的决策者坚持认为，在不采取紧缩的货币和财政政策的情况下，直接控制工资和价格能够成功地降低通胀。
Nevertheless, some governments' policymakers insist that direct controls on wages and prices, without tight monetary and fiscal policies, can succeed in decreasing inflation.
但是同时应该预留货币空间以在不产生短期债务危机的情况下支持重建。
But there should be the monetary room to finance reconstruction without generating a near-term debt crisis.
如前所述，跨国货币的情况是显然易见的：可以使做生意更容易。
The case for a transnational currency is, as we’ve already seen, obvious: it makes doing business easier.
但是中国不会在增加自货币身风险的情况下去厌恶美元。
But China cannot sour on the dollar without letting its own currency rise.
欧洲央行此次向市场注入流动性，目的是确保货币市场的正常运转，不会出现信贷冻结的情况。
This liquidity injection was designed to ensure that money markets continued to function and did not succumb to a credit freeze.
在这种情况下，当决策者试图释放货币压力时，至少促成了一些附加的改变。
All this is at least leading to some accidental reforms as policy makers try to vent monetary pressures.
历史上，这样的情况直接导致货币的贬值，然后是黄金价格的相对上涨，因为黄金是他们唯一不能“印刷”的货币。
Historically, this has lead to devaluation in currency and a relative rise in the value of gold, as it's one of the only "currencies" they can't just print.
为使情况有所好转，来自货币与财政政策的刺激方案必须得到施行。
For the picture to get better, the stimulus from monetary and fiscal measures must take hold.
因为国内财政市场十分薄弱，所以很多非洲国家大部分债款都是以外币的形式储存，如此一来，一旦本国货币贬值，情况就十分危险了。
And because domestic financial markets are very thin, most African countries hold a large part of their debt in foreign currency, which is especially hazardous when local currencies plunge.
美元的价值是依照其他主要流通货币而定，现在的情况和三年前一样。
The dollar’s value in terms of other major currencies is about the same now as it was three years ago.
通常，这样的情况会推动德国货币升值，但由于南欧危机重重，欧元贬值，德国出口甚至更有竞争力了。
Normally that would cause Germany's currency to strengthen, but since there was trouble down south, the euro weakened, making German exports even more competitive.
现在中央银行通常将货币视为被动的对经济情况的反映，而不会去制造它。
Central Banks now generally see broad money as passive, responding to the economic weather, not making it.
我们的战略在设计上是在一个完整的信用市场周期内执行并从国家选择以及在允许的情况下从货币选择中获取超额回报。
Our strategy is designed to outperform over the full credit market cycle and to derive alpha from country selection and, where permitted, currency selection.
根据最优货币区域理论，确立一个中央财政政策很有必要，因为单一利率并不适于货币区域内所有地区的情况。
According to the theory of optimal currency areas, a central fiscal policy is necessary because a single interest rate will not suit conditions in all parts of a currency zone.
印度和澳大利亚本周均在本国货币升值的情况下提高了利率。
Both India and Australia raised interest rates this week despite rising currencies.
欧元应该是一种用来交易的统一货币，交易有时会出现违约，情况不应比这更复杂。
The euro is supposed to be a common currency in which people can do business. Sometimes, business involves default. It's not supposed to be any more complicated than that.
欧元应该是一种用来交易的统一货币，交易有时会出现违约，情况不应比这更复杂。
The euro is supposed to be a common currency in which people can do business.Sometimes, business involves default.It's not supposed to be any more complicated than that.
然而，自从欧元危机开始动摇货币联盟以来，这一情况已经发生了改变。
That has changed since the euro crisis shook the monetary union and the realization sank in that things cannot continue as they are.
另一个出人意料的情况是，大多数新兴亚洲货币看起来都是高估了。
Another surprise is that most other emerging Asian currencies now look overvalued.
美国加州大学伯克利分校的国际经济学家埃成博格(BarryEichengreen)说，那些允许市场来决定其货币汇率的国家“情况很快就好了起来”。
Countries that allowed the markets to move their currencies were 'immensely better off,' says international economist Barry Eichengreen of the University of California, Berkeley.
但是希腊、西班牙和爱尔兰却没有这种选择——他们没有自己的货币，在任何情况下都需要通过通货紧缩使成本控制在范围之内。
But Greece, Spain and Ireland don't have that option - they don't even have their own monies, and in any case they need deflation to get their costs in line.
然而他实际上说的是“根据我得到的所有情况，这项决定并不会对货币，对美元有任何影响。”挑战性的语言！
But what he actually said was "From everything I can see, this decision was not one designed to have an impact on the currency, on the dollar." Fighting words!
美元集团的倒塌，如果继续下去，将加重这次汇率波动，以及，在最坏的情况下，使得“以邻为壑”的货币操作更加容易。
The collapse of the dollar bloc, if it continues, will add to this exchange-rate volatility and in the worst case make it easier for beggar-thy-neighbor currency manipulation.
商人和个人都可以自由的选择接受哪种货币，而在没有法定货币法存在的情况下，我相信可选择的多货币体系会得到更多的推动。
Merchants and individuals are free to choose which currencies they accept, and in the absence of legal tender laws I believe that alternative currencies will gain more traction.
罕见的例外情况是，该区域同时有其他货币流通，其他货币数量的增加也会引起本地货币的物价上涨。
A rare exception is when other currencies also circulate within the same currency area, and an increase in the quantity of the other currencies causes prices to rise in that currency.
罕见的例外情况是，该区域同时有其他货币流通，其他货币数量的增加也会引起本地货币的物价上涨。
A rare exception is when other currencies also circulate within the same currency area, and an increase in the quantity of the other currencies causes prices to rise in that currency.
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