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

Changes in the existing exchange-rate policy could lead to explosive speculative capital inflows, which would make it harder for the central bank to control money supply, argues the report.

报告称，现行汇率政策的变化可能导致大量投机性资本涌入，这将使得央行调控货币供应更加困难。

youdao

Of course not. Each country has its own exchange control laws and policy.

当然不是。每个国家都有各自的外汇管制法律与规章。

youdao

The single currency has deprived its members of any independent control over monetary policy or the exchange rate, so the burden of any necessary response to a recession falls more on fiscal policy.

ECONOMIST: Europe's single-currency rules

Even so, China could still introduce some flexibility into its exchange rate, and so regain control of monetary policy, by adopting a wider band or by pegging to a currency basket rather than just to the dollar.

ECONOMIST: It is time for China to unshackle the price of money

Although those targets were rarely met, Policy Exchange says councils have used their new control over planning to drastically cut their own homebuilding targets.

BBC: Councils 'slash homebuilding plans'