Those with currency pegs—the Baltic three and Bulgaria—have started on an “internal devaluation”, thanks to their flexible labour and product markets.

那些施行货币挂钩的国家——波罗的海三国（立陶宛、拉脱维亚和爱沙尼亚）和保加利亚，多亏它们灵活的劳动力和产品市场，已经着手“对内贬值”。

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As their Labour costs rise and their currency becomes more expensive, Chinese companies are eager to develop their own brands and many see acquisitions as an attractive short cut.

随着中国的劳动力成本上升和人民币逐步升值，中国公司正急于开发自有品牌，其中很多企业都将收购视为一条颇具吸引力的捷径。

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As the general practice, we lay out about 51% of the total investment. This includes land, building, Labour and funds in Renminbi, the Chinese currency.

一般的做法是，我方出资大约占投资总额的51%，这其中包括土地、厂房、劳力和中国货币人民币资金。

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In 1931, as the Austrian bank Creditanstalt collapsed, pulling down the banks of Germany, Czechoslovakia, Hungary and Poland, a run on the German currency forced it off the Gold Standard in May, then the British Labour government struggled to maintain its currency peg - imposing austerity onto its own voters as the price.

BBC: Euro: A 'loose cannon on the deck of the world'?

However, wages are held back by a large pool of surplus labour, and China's partially convertible currency is pegged to the dollar.

ECONOMIST: Can a cheaper yen rid Japan of deflation?

The single currency would change Europe's labour markets because it would make it harder for governments to adjust macroeconomic policies to suit circumstances in their own economies.

ECONOMIST: Europe hits a brick wall