But the euro is arguably the modern equivalent of the gold standard, with Germany playing the role of bullion as the system's anchor.

然而德国作为整个体系的中坚国家，扮演着重要角色，欧元是否能担当黄金等价物还值得商榷。

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The Bretton Woods era replaced a gold standard with a dollar standard (albeit with the American currency theoretically linked to bullion).

布雷顿森林时代以美元的标准取代了金本位(尽管与美国的货币理论是金本位制)。

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The inter-war period (1918-1939) entailed a gold-bullion standard far less tied to market realities.

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Eventually France returned to gold mostly because paper money fell out of use entirely by 1797, and bullion coins again became the standard of commerce.

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The better classical economists have always known that gold bullion itself is not really necessary for a gold standard system.

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