And a country cannot control its monetary policy unless it accepts a more flexible exchange rate.

一个国家只有采取更具弹性的汇率制度才能控制金融政策。

youdao

On the monetary side, the IMF and Pakistan have agreed to continue 'flexible exchange rate' policy, which means that the State Bank would not intervene in the market to stabilise the rupee.

在金融方面，国际货币基金组织和巴基斯坦已经同意继续'灵活的汇率政策，这意味着国家银行不会干预市场，以稳定卢比。

youdao

But this is merely to say that they have no coherent exchange-rate policy: monetary policy and exchange-rate policy (aside from occasional meddling) are operationally indivisible.

ECONOMIST: Off target

The central bank is supposed to be independent, and is also supposed to be in charge of exchange-rate and monetary policy.

ECONOMIST: Venezuela

"At the root of the euro upheaval is a balance of payment crisis caused by the cumulative effects of a 13-year-old one-size-fits-all monetary policy and a fixed exchange rate for a collection of disparate countries in very different stages of economic and structural development, " he argues.

WSJ: Fiction of the EU Summit's Accepted 'Facts'