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。

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This process helps explain why equity and house prices reached peaks in recent years that were unknown under fixed exchange-rate systems.

这一进程有助于解释为何公司的普通股和房地产价格在近年来达到顶点，且这些现象在固定汇率体系下是未曾出现过的。

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'The exchange-rate mechanism and the price of the renminbi are in a dynamic process of continuous change,' he said. 'So they will differ in different periods.'

他说，汇率的形成机制、人民币的价格处于不断转变的动态过程，因此在不同的阶段会有所变化。

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Mundell is proposing, in effect, a de facto super-regional currency area by managing the exchange rate between the dollar and the euro through a process of central bank coordination.

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And if a devaluation cannot be used to reduce real wages, the real exchange rate overvaluation will be undone via a slow and painful process of wage and price deflation.

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It would oblige Argentina to continue trying to adjust its real exchange rate by deflation (cutting nominal wages and prices in nominal terms), a process which has already forced the collapse of many businesses.

ECONOMIST: Struggling on | The