On their own, each of these moves may have made sense. But the zigzags left the markets discombobulated and uncertain.

从他们的角度看，每个举动都是有意义的，但是左右摇摆的做法使市场更加混乱和不确定。

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The Europeans did not like leaving their currencies to the whims of the markets and made several efforts to limit exchange-rate flexibility within the eu, culminating in the adoption of the euro.

欧洲人不喜欢让货币任由市场支配，努力在欧盟内部限制汇率的弹性，最终采用了欧元。

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Banks such as Bear Stearns and Lehman made the fatal mistake of assuming that the markets (often their fellow Banks) would always be willing to roll over their debts, but they suffered a bank run.

像贝尔斯登和雷曼这样的投行，他们犯了致命错误，他们想象市场(他们的会员银行也经常这样想)总是会咸鱼翻身还清这些债务，最终遭受银行的挤兑。

youdao

But executives of the two derivatives markets said Tuesday that global competition made their merger compelling.

FORBES: The $25 Billion Gorilla

Bond markets may be suspicious of guarantees made by countries that would themselves be vulnerable if their over-indebted neighbours suffered turmoil.

ECONOMIST: Economic crisis

But then came 2008, and a financial crisis and global recession that highlighted the dangers to China of relying on US export markets, and made the authorities worry they were going to lose their shirt on all their US assets.

BBC: Mr Osborne and China's long road to a global currency