French and German exporters at least agreed on a more modest goal: a single currency to end exchange-rate risks within the internal market, including competitive devaluations.

法德两国的出口商至少就一初步目标达成一致：在内部市场中利用统一货币消除汇率风险，包括竞争性贬值在内。

youdao

Even if a floating exchange rate is used to achieve external balance, this still leaves the problem of achieving internal balance.

浮动汇率即使是用来实现外部平衡，还有许多有待实现内部平衡的问题。

youdao

The equilibrium exchange rate in this paper is the exchange rate when internal and external equilibrium come true.

而本文所说的均衡汇率是指一个国家内外部都实现均衡的汇率。

youdao

Another way of putting it is that a flexible exchange rate makes sticky internal prices and wages flexible to the rest of the world.

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Only by tightening internal liquidity and allowing the real exchange rate to fall will competitiveness be restored as the economy will shift resources to the tradable sector.

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As with an external deficit, adjustment to a related internal deficit is ultimately the same under any exchange rate regime.

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