The European Monetary System and the Exchange Rate Mechanism (ERM) are created.

1978年欧洲货币体系与汇率机制（ERM）创建。

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The European Monetary System (EMS) was in fact the founding stone leading to the European single currency the Euro.

欧洲货币体系(EMS)，其实是通往欧洲单一货币欧元的奠基石。

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Despite setbacks and disruptions during the depression of the 70 "s, the integration process again picked up steam with the creation of the European Monetary System (EMS) in 1979."

尽管在七十年代的萧条时期遭受了干扰并出现了倒退，随着1979年欧洲货币体系(EMS)的设立，一体化进程又有了新的发展势头。

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That was the lesson of the European Monetary System debacle of 1992-93 (and, arguably, of the downfall of the pegged-but-adjustable regimes used in Asia until last year).

ECONOMIST: One world, one money

There were also the tensions caused by Germany's reunification and the crises within the European monetary system, which raised the prospect of economic integration going into reverse.

ECONOMIST: Charlemagne

As a founder member of the European club in 1957, remember, Italy was neurotically anxious to join the European monetary system when it was set up in 1979.

ECONOMIST: Prodi��s prayer