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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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。

youdao

Because both the FPC and the MPC rely on a monetary-transmission mechanism that operates through Banks, it isn't clear that inflation-targeting and liquidity maintenance can be so neatly separated.

因为FPC和MPC都依赖于银行之间运行的货币传递机制，要把通胀目标和维持流动性分开并不容易。

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Indeed, an important element of the monetary transmission mechanism works through the asset price channel.

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The International Monetary Fund (IMF) has activated an emergency finance mechanism to help countries hit by the financial crisis.

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