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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Article 33 The exchange rate for Renminbi is a single, managed floating exchange rate based on market demand and supply.

第三十三条人民币汇率实行以市场供求基础的、单一的、有管理的浮动汇率制度。

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Because the single currency deprived members of monetary and exchange-rate flexibility, they were likely to need more, not less, fiscal flexibility.

因为单一货币夺走了成员国的本国货币和汇率弹性空间。而他们需要的是提高弹性空间，而不是减少。

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This is certain to be tumultuous, because imposing a single exchange rate across the entire country will bring overnight price drops in some places and huge rises in others.

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His own reforms, such as introducing a simplified, single-rate foreign-exchange mechanism, private banks and mobile phones, remain on the drawing-board.

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There is even a precedent: Italy imposed a small tax on all deposits in 1992 as part of its battle to stay in the European Exchange Rate Mechanism, a precursor to the single currency.

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