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。
And to avoid new obstacles to joining the monetary union.
并避免加入这个货币联盟的新障碍。
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。
None of this seemed to matter during the first few years of the monetary union.
在这个货币联盟成立的前几年里，这些看起来都不是大问题。
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。
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。
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。
The original conception of Europe’s monetary union saw no need for such integration.
欧洲货币联盟最原始的设想认为这样的整合没有必要。
What then happens to monetary union may be the next big question those people must face.
之后货币同盟会遇到什么情形可能是这些人必须面对的下一个大问题。
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。
In later writings Mr Mundell expressed regret about Canada's choice, as well as enthusiasm for European monetary union.
在其后的著作中，孟德尔先生对加拿大的选择表示遗憾，同时对欧洲货币联盟表现了极大的热情。
On the eve of monetary union 55% of Germans were against it, making their nation the euro zone's most reluctant founders.
在货币联盟成立的前夜，55%的德国民众反对它，这让他们的国家成了欧元缔造国中最勉强的一个。
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。
That has changed since the euro crisis shook the monetary union and the realization sank in that things cannot continue as they are.
然而，自从欧元危机开始动摇货币联盟以来，这一情况已经发生了改变。
Today, ladies and gentlemen, with all these decisions we have shown that we will not waver in the defence of our monetary union and our common currency.
今天，女士们，先生们，我们作出的所有这些决定都表明，在保卫我们的货币联盟，保卫我们的共同货币方面，我们绝对不会动摇。
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。
Greece's problems underscore longstanding concerns the European monetary union lacks the tools to make sure members' debts don't spiral out of control.
希腊的问题彰显出欧元区长期以来的担忧，即缺乏手段确保成员国债务不会恶性失控。
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。
As the OECD puts it in its most recent report on the region, "insufficient flexibility prevents the euro area reaping the full benefits of economic and monetary union."
同样OECD在最近的关于该地区的一份报告中提到：“缺乏灵活性使得欧元区无法从经济和货币同盟中充分获利。”
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。
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。
The contrasting views of Mr Schauble, and Mr Juncker and Mr Tremonti, will fuel the debate about what radical steps are needed to restore investor confidence in Europe's 12-year - old monetary union.
朔伊布勒的观点，与容克和特雷蒙蒂的观点形成鲜明对比，这将为以下辩论火上浇油：为恢复投资者对成立12年之久的欧洲货币联盟的信心，必须采取哪些根本举措。
Why the Greek Crisis Will Not Ruin Europe's Monetary union?
为何希腊财政危机不会危及欧洲货币联盟？
Will European Economic and Monetary Union (EMU) still exist?
欧洲经济与货币联盟（EMU）是否仍然存在？
Will European Economic and Monetary Union (EMU) still exist?
欧洲经济与货币联盟（EMU）是否仍然存在？
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