But in a monetary union that is impossible.
可是在一个货币同盟中，这是不可能的。
But in a monetary union, that is impossible.
但在一个货币联盟之内，这是不可能的。
A monetary union may require more than just a eurobond and a small fiscal union.
一个货币联盟所要求的，可能不仅仅是欧元债券和小规模的财政联盟。
Be aware that policy co-ordination is an essential ingredient for a monetary union to work.
要注意，政策协调是一个货币联盟能否运转的关键。
It believed, wrongly, that countries within a monetary union no longer faced balance-of-payments constraints.
它错误地认为在一个货币联盟内的国家不再受到国际收支平衡限制。
There is only one necessary criterion for membership of a monetary union: convergence of inflation rates.
货币联盟的成员资格只有一个必要标准，即通胀率的集中。
The fact that this is a monetary union of 17 countries makes decision making difficult, which complicates the problem.
这是一个17个国家的货币联盟，很难做决定，使问题更加复杂。
The deepest financial crisis in a century has exposed the fragility of a monetary union without a fiscal and economic union.
一个世纪以来最为严重的这场经济危机使欧盟仅仅货币统一，财政经济不统一的缺点暴露无遗。
Italy and Greece chose freely to join the euro, and every club has norms of behaviour. In a monetary union, irresponsibility by one member endangers the well-being of others.
意大利和希腊是自愿加入欧元区的，哪一个俱乐部都有自己的行为准则。
Equally important to the decision to join a monetary union was another of Mundell’s insights, developed with Marcus Fleming at the International Monetary Fund, which entered the economics textbooks.
孟德尔和马库斯·弗莱明在国际货币基金组织共同开发了另一个对促成货币联盟形成同样重要的概念——“不可能的三位一体”，这一观点进入了经济学教科书。
The Germans were promised that monetary union would not give rise to fiscal transfers, and would create a currency at least as stable as the Deutschmark.
比如德国就曾允诺说，货币联盟不但不可能会上升为财政调度者，而且将创造一种至少像德国马克一样稳定的货币。
Their problem is a basic flaw in the design of the monetary union.
他们(欧洲)的问题是货币联盟设计的基本缺陷。
First, some broad truths: Managing a large monetary union should be straightforward, so long as the right mechanisms are in place.
先说几个明白无误的事实：但凡大的货币联盟，只要机制合理，就应精简管理；
A meeting of the GCC in December dismissed the idea, saying that a rejigging of rates might jeopardise their ambition of monetary union in 2010.
07年12月，在GCC一个会议上否决了这个提法，据说，调整汇率也许会影响货币联盟2010年的雄心。
Currency pegs are being tested to destruction on the fringes of Europe's monetary union in a traumatic upheaval that recalls the collapse of the Exchange Rate Mechanism in 1992.
限制流通使欧洲货币联盟在痛苦难忘的剧变中处于毁灭的边缘，正得到验证，令人想起1992年欧洲汇率机制的崩溃。
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。
Germany believes that it is playing a responsible role in Europe, both in regard to the current crisis and in ensuring the success of the monetary union overall.
无论是关于当前的危机还是确保整个货币同盟的成功，德国始终相信它在欧洲扮演着相当负责的角色。
Needless to say monetary union was a significant surrender of monetary sovereignty.
不用说，货币联盟是要放弃相当大的货币主权。
Yet by the time a 1991 European summit was held in the Dutch city of Maastricht, a plan for economic and monetary union (EMU) was written into a new EU treaty, to be ratified by member states later.
1991年欧洲峰会在荷兰的马斯特里赫特举行，同时实现经济和货币联盟的计划也被写入新的欧盟条约，但是稍后有待于成员国批准。
The union has a single currency and monetary policy, but each of its 16 members has its own fiscal policy.
欧元区拥有单一的货币和汇率政策，但16个成员国都拥有各自的财政政策。
Under a "pact for the euro" there will be economic and fiscal workouts that will allow countries to cope better with the rigours of monetary union-including, for example, greater wage flexibility.
根据“欧元条约”，各国可以进行经济和财政政策的尝试以更好的应对货币联盟中的困难，例如增加工资的灵活性。
Germany adopted the euro despite a sustained majority opposed to monetary union.
德国就是个典型，大多数德国民众一直反对货币联盟，尽管如此，德国还是接纳了欧元。
The International Monetary Fund says it will grant Hungary a standby loan of nearly $16 billion while the European Union has offered over $8 billion and the World Bank more than $1 billion.
国际货币基金组织说，它将给匈牙利提供将近160亿美元的备用贷款。与此同时，欧盟同意提供80多亿美元，世界银行提供10多亿美元。
I am still of the view that we can avoid a collapse of the monetary union, but this is really the very first true test of its stability.
我一直认为我们应该避免货币联盟的瓦解，但是这也正是它稳定性的第一次考验。
If you do not want a country to be part of your monetary union, say so outright. Don't hide behind criteria.
如果你不希望某个国家成为货币联盟的一员，不妨直说，不用拿标准来遮遮掩掩。
Your project's currency must be a European Monetary Union currency.
项目的货币必须是欧洲货币联盟的货币。
Many are now calling for a more fundamental solution to the crisis: the issue of "Eurobonds" in order to provide a fiscal underpinning to the shaky monetary union.
如今多方力量呼吁为解决危机应采取更加彻底的解决方案：那就是发行“欧元债券”，以便为震荡的欧元区奠定更加坚实的财政基础。
Many are now calling for a more fundamental solution to the crisis: the issue of "Eurobonds" in order to provide a fiscal underpinning to the shaky monetary union.
如今多方力量呼吁为解决危机应采取更加彻底的解决方案：那就是发行“欧元债券”，以便为震荡的欧元区奠定更加坚实的财政基础。
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