通过一点儿调整，这些货币就变成了货币基础，被当做第二阶段中银行系统使用的特殊货币。

With a few adjustments, this becomes the monetary base, which can be thought of as the special money that is available to the banking system for the second step.

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只是脱离欧元就会导致经济不景气的国家中银行竞赛，因为储户会争先恐后把存款移至国外，以避免被迫转换货币。

The mere prospect of euro break-up could cause bank runs in weak economies as depositors scrambled to move savings abroad to avoid forced conversion.

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因此，货币基础中银行体系结算余额的部分，最初并不受货币发行局制度约束。

Thus that part of the monetary base represented by the clearing balance of the banking system was initially not subject to the discipline imposed by a currency board system.

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