Currency pegs are being tested to destruction on the fringes of Europe's monetary union in a traumatic upheaval that recalls the collapse of the Exchange Rate Mechanism in 1992.

限制流通使欧洲货币联盟在痛苦难忘的剧变中处于毁灭的边缘，正得到验证，令人想起1992年欧洲汇率机制的崩溃。

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The economic collapse, when inflows of capital halt, can be very painful - even more so if a fixed exchange rate (or currency union) demands a period of falling nominal wages and prices.

当资本流入停滞的时候，经济崩溃可能是非常痛苦的——如果固定汇率(或货币联盟)要求名义工资和价格在一定时期内下降，情况就更加糟糕。

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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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Though Denmark achieved a measure of stability in the 1970s by joining the European Community (now Union) and its exchange-rate system, in the other Nordic countries inflationary bubbles swelled, then burst in the late 1980s, toppling banks in Sweden, Finland and Norway.

ECONOMIST: Remodelling Scandinavia

Renewed exchange-rate turbulence could reopen a sensitive question: how should exchange rates be aligned in the run-up to eventual union?

ECONOMIST: Can EMU be left to stew?

European monetary union meant the loss of responsibility for monetary and exchange-rate policies.

ECONOMIST: Bank of Italy