The grand design of Europe's monetary union is already agreed. 欧洲统一货币的宏伟构想已经获得认同。
Opponents of the treaty argue that monetary union will turn France into a vassal of Germany. 协定的反对者认为货币联盟会使法国沦为德国的附庸国。
Government bond markets in a monetary union are inherently fragile. 一个货币联盟中的政府债券市场有着与生俱来的脆弱性。
But a common fiscal policy is not necessary for a successful monetary union. 但共同的财政政策并非一个货币联盟获得成功的必要条件。
Three requirements underpin the success of any monetary union. 任何一个货币联盟要想成功,都需要三个必要条件的支持。
In a monetary union we need to acknowledge this level of interdependence. 在一个货币联盟,我们需要认可这种水平的相互依存。
But these reforms conducted within the straitjacket of monetary union with Germany are causing political and economic turmoil. 但这类改革因与德国在一个货币联盟而受到严格约束却引发了政治和经济领域的动荡。
A monetary union with a stable euro can only survive if central bank independence is fully respected. 只有在央行独立性得到充分尊重的前提下,货币联盟和稳定的欧元才可能生存。
A Franco-German monetary union was an ambitious project. 法国和德国主导下的货币联盟是一个雄心勃勃的项目。
The problem faced by the member countries of a monetary union such as the eurozone is exactly the same. 货币联盟(如欧元区)的成员国面临的问题完全相同。
The theory of optimum currency area provides a theoretical basis and practical guideline for the establishment& development of the European Monetary union. 最优货币区理论,为欧洲货币联盟的成立和发展提供了理论基础和实践指导。
There is a customs and monetary union with France, and French Value Added Tax applies. 有一项关税和货币的联合关于法国,及法国增值税适用。
The eurozone will remain a monetary union with nationally supervised and crisis-prone banks for the foreseeable future. 在可以预见的未来,欧元区仍将是一个货币联盟,其中的银行仍将由国家监管,危机丛生。
Some non-Euro countries would probably join this monetary union. 一些非欧元区国家很可能会加入这个新的货币联盟。
Although Hong Kong maintains a separate currency, that currency link creates a monetary union with the US. 虽然香港仍然维持着独立的货币,但这种联系汇率制度使之与美国构成了一个货币联盟。
A monetary union without a full banking union is unthinkable in an internal market. 在一个内部市场上,缺乏全面银行联盟的货币联盟是不可想象的。
This is not a monetary union. 这不是货币联盟的特点。
Within a monetary union this has to be addressed through internal devaluation via the labour market. 在货币联盟内,这个问题必须通过劳动力市场进行对内贬值才能解决。
The Maastricht Treaty established a monetary union without a political union a central bank, but no central treasury. 《马斯特里赫特条约》(maastrichttreaty)建立了货币联盟(央行),但没有建立政治联盟(中央财政部)。
Monetary Union has not begotten the expected fiscal union. 货币联盟没有带来预想中的财政联盟。
This is also one the reasons why the Europeans have created such an irrationally unbalanced monetary union. 这也是欧洲人为什么会建立了这样一个失衡到离谱地步的货币联盟。
Meanwhile the debate on European political and monetary union continues. 与此同时关于欧洲政治和货币同盟的辩论仍在继续。
European Economic and Monetary Union 欧洲经济和货币同盟
One should not neglect such "soft" institutional and human factors, which underpin a successful monetary union. 不要小看这种“软性”的组织因素和人为因素,正是它们为一个成功的货币联盟奠定了基础。
Germany was the first in the European Monetary Union to break the stability and growth pact rules on deficits and debt. 德国是欧洲货币联盟中,第一个违反稳定与增长公约中有关赤字和债务规则的国家。
A federalist Poland would be the ideal mediator between a closer Monetary Union and the EU. 信奉联邦制的波兰将是更紧密的货币联盟与欧盟之间的理想调解人。
Closer social and economic ties between the countries serve as a prelude to economic and monetary union. 这些国家间更加紧密的社会和经济联系成为经济和货币联盟的先声。
But in a monetary union, that is impossible. 但在一个货币联盟之内,这是不可能的。
The effect has been to leave a question mark over the long-term future of monetary union. 其效果就是给货币联盟的长期未来打上了一个问号。
This is a systemic crisis of a monetary union that refuses to be a fiscal union. 这是一个拒绝成为财政联盟的货币联盟所面临的系统性危机。