Currency pegs are being tested to destruction on the fringes of Europe's monetary union in a traumatic upheaval that recalls the collapse of the Exchange Rate Mechanism in 1992.
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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Because both the FPC and the MPC rely on a monetary-transmission mechanism that operates through Banks, it isn't clear that inflation-targeting and liquidity maintenance can be so neatly separated.