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。

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Interest swap: an agreement to exchange floating rate payments for fixed-rate payments in the same currency.

利息掉期：在同一货币中，以浮动利率付息交换固定利率付息的协议。

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A currency exchange rate that is allowed to be set completely by market forces, differ from the managed floating exchange rate system regulated by the government or pegged exchange rate system.

指完全由自由市场供求因素决定的货币汇率，与受官方管制的有管理的浮动汇率制度或爬行钉住汇率制不同。

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By devaluing a currency in a floating exchange rate environment, the result is that trade booms and foreign reserves balloon.

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She also introduced a floating exchange rate regime and lifted controls on currency trading.

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This exchange rate liberalization has continued and while the ruble is not a freely floating currency, it is much closer to being one that it was in the past.

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