In principle, a currency adjusts to keep economies in balance, but in practice, argued Mr Mundell, exchange rates veer wildly from their ideal levels.
原则上,调整汇率可以保持经济平衡,但是汇率,孟德尔先生争论说,实际上大大偏离了它们的理想水平。
2
But in practice, countries are reluctant to do so, fearful that an excessively strong currency will hurt their exporters.
但在实践中,各国都不愿意这样做,担心货币过度强势会影响出口。
3
The managers of such a fund might also come to blows with the Central Bank, where practice has been to intervene in foreign-exchange markets to prevent wild swings in the value of the currency.