In principle, a currency adjusts to keep economies in balance, but in practice, argued Mr Mundell, exchange rates veer wildly from their ideal levels.

原则上，调整汇率可以保持经济平衡，但是汇率，孟德尔先生争论说，实际上大大偏离了它们的理想水平。

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But in practice, countries are reluctant to do so, fearful that an excessively strong currency will hurt their exporters.

但在实践中，各国都不愿意这样做，担心货币过度强势会影响出口。

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The managers of such a fund might also come to blows with the Central Bank, where practice has been to intervene in foreign-exchange markets to prevent wild swings in the value of the currency.

主权财富基金的经理们未来可能亦会与中央银行打成一团，中央银行的业务就是要干预外汇市场以防止通货币值大幅震荡。

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Even Russia, although it has a nominally independent central bank and currency, in practice keeps the ruble in a close relationship with the dollar and euro.

FORBES: 40 Years Of Floating Money, 40 Years Of The Average Worker Getting Poorer

This does not include those countries which, like Russia, seemingly have a floating currency, but one which, in practice, the government tries to keep within a close band with major currencies.

FORBES: 40 Years Of Floating Money, 40 Years Of The Average Worker Getting Poorer

Oddly, however, Mr Mundell very strongly believes that Europe is, in practice if not in theory, an optimal currency area.

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