Europe started a long process towards monetary union, via an exchange-rate mechanism, which resulted in a single and free floating currency 30 years later.

欧洲开始了通过一项汇率机制迈向货币统一的漫长过程，30年后，它们拥有了一种自由浮动的单一货币。

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Mr Bernanke calls for greater exchange rate flexibility in the long run but acknowledges that it cannot be achieved overnight.

伯南克呼吁最终提高汇率的灵活性，但他承认，这不可能一蹴而就。

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Mr Gourinchas doubts that depressing the exchange rate could sustain a high rate of saving for long.

Gourinchas对此提出质疑，并表示压制汇率将会使高储蓄水平长久地维持下去。

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Many Argentines believe that the IMF, having been criticised for backing the fixed exchange rate long past its useful life, was slower and sterner with Mr Duhalde than with his predecessors.

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The long-term chart of the exchange rate shows that it is barely a blip, as the long-term downtrend (line a) goes back to 1976, when the rate was 305 yen per dollar.

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In the long term, living with a fixed exchange rate demands wage and price flexibility.

ECONOMIST: Exchange rates