Europe started a long process towards monetary union, via an exchange-ratemechanism, 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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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 ExchangeRateMechanism in 1992.
When the Bank of England was trying to keep the pound in the ExchangeRateMechanism in 1992, it had to use its limited foreign-exchange reserves to buy sterling.