Because the single currency deprived members of monetary and exchange-rate flexibility, they were likely to need more, not less, fiscal flexibility.

因为单一货币夺走了成员国的本国货币和汇率弹性空间。而他们需要的是提高弹性空间，而不是减少。

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The merits of monetary flexibility versus exchange-rate stability have to be weighed up by the 11 eu countries that are not (yet) in the euro.

还未在欧元区的11个欧盟国家需要再三权衡货币弹性相较汇率稳定具有的优势。

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The Europeans did not like leaving their currencies to the whims of the markets and made several efforts to limit exchange-rate flexibility within the eu, culminating in the adoption of the euro.

欧洲人不喜欢让货币任由市场支配，努力在欧盟内部限制汇率的弹性，最终采用了欧元。

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However, by adopting the euro early, a country forgoes the flexibility of altering its exchange rate to absorb economic shocks.

ECONOMIST: Some EU candidates favour an early move to the euro

It is desirable to proceed further with reform of the RMB exchange rate regime and increase the RMB exchange rate flexibility.

FORBES: Currency Regime Change In Beijing: What It Means

Even so, China could still introduce some flexibility into its exchange rate, and so regain control of monetary policy, by adopting a wider band or by pegging to a currency basket rather than just to the dollar.

ECONOMIST: It is time for China to unshackle the price of money