A currency union is as strong as its weakest link, which in the eurozone's case is Greece.
一个货币联盟的强度取决于它最薄弱的一环，而对于欧元区而言，这一环就是希腊。
The thesis is made up of three parts:First part, the Euro pattern of single currency union .
全文共分三部分：第一部分，单一货币联盟的欧元模式。
On the other hand, as Friedman pointed out, forming a currency union means sacrificing flexibility.
另一方面，正如弗里德曼指出的那样，组成货币联盟就意味着牺牲灵活性。
When the eurozone was created, a huge literature emerged on whether it was an optimal currency union.
在欧元区创立之时，曾有不计其数的文章来论述它是否是一个最理想的货币联盟。
Devaluation might have been an obvious remedy, but can only be achieved by leaving the currency union.
货币贬值可能一直是明显的治疗方法，但只能通过离开欧元区才能实现。
Greece's struggles threaten the first real fractures in the European currency union since its inception in 1999.
希腊的困境可能会使得欧元区出现自1999年创建以来的首个真正裂缝。
Europe's two biggest economies appear to have resolved major differences on how to save the euro currency union.
这两个欧洲最大的经济体，显然已经在如何解救欧元体系危机的问题上，消除了主要的歧见。
In other words, Britain is suffering from the very "asymmetric shock" that is so hard to adjust to within a currency union.
换句话说，英国所承受的这个极端的“不对称冲击”是如此严重，已无法在一个货币联盟中进行调整。
But a currency union whose core country not only exports deflation, but also stands aside as members collapse is in deep trouble.
但如果一个货币联盟的核心成员国不仅输出通缩，还在其他成员国陷入危机之际作壁上观，那么这个联盟就麻烦大了。
A second lesson is that the benefits to a small country of being part of a big currency union are not all they were once cracked up to be.
其二，从属于庞大货币联盟的小国家所得到的优惠与他们在危难关头得到的援助全然不同。
Mitterrand's offer was well framed -- Germany would get a currency union largely on its terms, but Kohl would have to compromise on timing.
密特朗所提供的一切都是计谋好的--基本上依靠德国本身就可取得货币联盟，但是科尔必须在时间的安排上做出让步。
In a currency union, pay needs to adjust that much more quickly to changing market conditions to shift workers out of high-cost industries.
在统一货币联盟内，薪资应更快得到调整以改变市场状况，使工人从高成本产业转移出来。
In a currency union, with devaluation ruled out, there are only two ways of reducing unit Labour costs relative to those of other members.
除了货币贬值以外，只有两种方法能在货币联盟范围内减少本国对其他成员国的单位劳力成本。
First, even a small, poor, post-Soviet state in demographic decline can survive, indeed thrive, in a de-facto currency union with mighty Germany.
首先，即使是一个人口基数小（人口处于下降趋势），经济实力薄弱的后苏维埃国家，它不仅生存下来，更是繁荣昌盛。 它的货币实际上同强大的德国马克相挂钩。
This will leave two alternatives: fiscal transfers (the dreaded "fiscal union") or the affected countries' withdrawal from the currency union.
最后就只剩下两个选择：财政转移(也就是令人生畏的“财政联盟”)或是受危机影响的国家退出欧元区。
The currency union has also protected the competitiveness of German industry and so allowed the economy to grow, despite the stagnation of domestic demand.
货币联盟还保护了德国工业的竞争力，从而让德国经济在国内需求停滞的情况依然得以增长。
Robert Mundell's 1961 theory of "optimum currency areas", which lays out the conditions for a workable currency union, is now often cited by the euro's critics.
罗伯特·蒙代尔1961年提出的“最优货币区”理论给出了货币联盟可能成立的情形，如今经常被欧元批评者引用。
The French and German leaders want to amend key European treaties to provide greater fiscal oversight and governance over the ailing, 17-member euro currency union.
法国和德国的领导人希望修正几项主要的欧盟条约，对17个疲弱不振的欧元国家，作更广泛的财政监督和管理机制。
Rather than condemning lazy southerners, the Germans should share the loot... so yes, the Germans have it right: Europe's currency union does indeed involve transfers.
德国人应当分享他们的战利品而不是谴责懒惰的南方人…确实，德国人有这个权利：欧洲的货币联盟的确涉及到了贸易往来。
Such imbalances can reflect shifts in competitiveness and warn of trouble ahead —especially , perhaps , in a currency union where the costs of wage adjustment are high .
如此的非平衡反应了竞争力的转移并发出警告，困难很有可能就在那些尤其工资成本调整偏高的货币区眼前。
Such imbalances can reflect shifts in competitiveness and warn of trouble ahead —especially , perhaps , in a currency union where the costs of wage adjustment are high .
这种赤字水平往往预示竞争力的变化和将来的麻烦-尤其是一个在工资调整代价高昂的货币联盟内，可能更明显。
Others would claim that woe was sure to befall such a disparate currency union sooner or later: if not Greece, then some other weak member of the club would have been the cause.
其他人则会说，在欧元区这个货币联盟中，各成员国情况相异，爆发问题只是迟早的事：即使不是希腊，其它经济实力较弱的成员国也可能成为诱因。
The worsening debt crisis on the euro zone's periphery has reawakened concerns about the viability of a currency union that encompasses 16 sovereign nations with disparate economies.
欧元区边缘国家持续恶化的债务危机使人们开始再次担心这16个经济情况各异的主权国家组成的货币联盟是否还能继续生存下去。
Consumer and business confidence rose in the euro area in September, with Germany leading the economic-sentiment indicator for the 16-member currency union close to a three-year high.
今年九月，因为以德国为首的十六成员货币联盟经济信心指数达到近三年的最高点，欧元地区的消费者和企业信心猛增。
Consumer and business confidence rose in the euro area in September, with Germany leading the economic-sentiment indicator for the 16-member currency union close to a three-year high.
今年九月，因为以德国为首的十六成员货币联盟经济信心指数达到近三年的最高点，欧元地区的消费者和企业信心猛增。
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