The recession in the early 1990s saw a near-continual series of currency crises within Europe's exchange-ratemechanism.
在20世纪90年代早期的经济衰退中，欧洲内部的汇率机制出现了近乎连续的一系列货币危机。
2
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。
3
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.