But in a monetary union that is impossible.
可是在一个货币同盟中，这是不可能的。
But in a monetary union, that is impossible.
但在一个货币联盟之内，这是不可能的。
He has changed his stance on monetary union.
他已经改变了对货币联盟的态度。
And to avoid new obstacles to joining the monetary union.
并避免加入这个货币联盟的新障碍。
Why the Greek Crisis Will Not Ruin Europe's Monetary union?
为何希腊财政危机不会危及欧洲货币联盟？
Will European Economic and Monetary Union (EMU) still exist?
欧洲经济与货币联盟（EMU）是否仍然存在？
Their problem is a basic flaw in the design of the monetary union.
他们(欧洲)的问题是货币联盟设计的基本缺陷。
None of this seemed to matter during the first few years of the monetary union.
在这个货币联盟成立的前几年里，这些看起来都不是大问题。
A monetary union may require more than just a eurobond and a small fiscal union.
一个货币联盟所要求的，可能不仅仅是欧元债券和小规模的财政联盟。
Germany adopted the euro despite a sustained majority opposed to monetary union.
德国就是个典型，大多数德国民众一直反对货币联盟，尽管如此，德国还是接纳了欧元。
But that inherently means Germany stepping in to support the monetary union.
但是它原本就意味着德国介入来支持货币联盟。
Needless to say monetary union was a significant surrender of monetary sovereignty.
不用说，货币联盟是要放弃相当大的货币主权。
The original conception of Europe’s monetary union saw no need for such integration.
欧洲货币联盟最原始的设想认为这样的整合没有必要。
Of course, not all of Europe's problems with its monetary union apply to others.
当然，欧洲货币联盟的问题并不全都适用于其它地区。
What then happens to monetary union may be the next big question those people must face.
之后货币同盟会遇到什么情形可能是这些人必须面对的下一个大问题。
Even the sceptical British say that the "remorseless logic" of monetary union is greater fiscal union.
货币联盟的实质是财政联盟的一种“完美逻辑”就连一向善于怀疑的英国人也为之折服。
It believed, wrongly, that countries within a monetary union no longer faced balance-of-payments constraints.
它错误地认为在一个货币联盟内的国家不再受到国际收支平衡限制。
The fact that this is a monetary union of 17 countries makes decision making difficult, which complicates the problem.
这是一个17个国家的货币联盟，很难做决定，使问题更加复杂。
In the 1990s France qualified for monetary union by clinging doggedly on to the strong franc, even as others devalued.
在20世纪90年代，法国在坚持走强法郎的情况下成为了货币联合的一员，尽管也像其他货币一样被贬值了。
In later writings Mr Mundell expressed regret about Canada's choice, as well as enthusiasm for European monetary union.
在其后的著作中，孟德尔先生对加拿大的选择表示遗憾，同时对欧洲货币联盟表现了极大的热情。
The euro is hobbled by concerns about the long-term viability of the European Monetary Union. That leaves the renminbi.
而欧元由于人们担心欧洲货币联盟会否长期生存下去而难担此重任，这样剩下的就只有人民币了。
On the eve of monetary union 55% of Germans were against it, making their nation the euro zone's most reluctant founders.
在货币联盟成立的前夜，55%的德国民众反对它，这让他们的国家成了欧元缔造国中最勉强的一个。
The deepest financial crisis in a century has exposed the fragility of a monetary union without a fiscal and economic union.
一个世纪以来最为严重的这场经济危机使欧盟仅仅货币统一，财政经济不统一的缺点暴露无遗。
First, some broad truths: Managing a large monetary union should be straightforward, so long as the right mechanisms are in place.
先说几个明白无误的事实：但凡大的货币联盟，只要机制合理，就应精简管理；
That has changed since the euro crisis shook the monetary union and the realization sank in that things cannot continue as they are.
然而，自从欧元危机开始动摇货币联盟以来，这一情况已经发生了改变。
That has changed since the euro crisis shook the monetary union and the realization sank in that things cannot continue as they are.
然而，自从欧元危机开始动摇货币联盟以来，这一情况已经发生了改变。
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