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。
2
Article 33 The exchangerate for Renminbi is a single, managed floating exchangerate based on market demand and supply.
第三十三条人民币汇率实行以市场供求基础的、单一的、有管理的浮动汇率制度。
3
Because the single currency deprived members of monetary and exchange-rate flexibility, they were likely to need more, not less, fiscal flexibility.