On any measure, the scale of transactions in the international capital market has grown more quickly than world GDP since the early 1970s. One major factor in this development is that, starting with the industrial world,countries have progressively dismantled barriers to private capital flows across their borders.
An important reason for that development is related to exchange rate systems. We saw that a country that fixes its currency's exchange rate while allowing international capital movements gives up control over domestic monetary policy. This sacrifice shows the impossibility of a country's having more than two items from the following list:
无论以何种标准来衡量，20世纪70年代以来国际资本市场交易规模的增长都快于世界GDP的增长。这种增长的一个主要因素是：从工业化国家开始，各国逐步解除了私人资本跨国流动的壁垒。
促成这种增长的一个重要原因与汇率体系有关。我们知道，如果一个国家实行固定汇率同时允许国际资本自由流动，它就要放弃对国内货币政策的控制权。这种牺牲表明，一个国家不可能同时实现以下两个以上的目标：
1. Fixed exchange rate.
2. Monetary policy oriented toward domestic goals.
3. Freedom of international capital movements.
The result is a "trilemma" for policy regimes—trilemma rather than dilemma because the available options are three: 1 and 2, 1 and 3, or 2 and 3. Under the gold standard, for example, countries gave up monetary policy in favor of fixed exchange rates and freedom of international payments, opting for a monetary system based on 1 and 3 from the preceding list.
1.固定汇率。
2.以国内目标为导向的货币政策。
3.国际资本的自由流动。
这一结果造成了政策选择中的“三难选择”：“三难”而非两难的原因是选项有三种：1和2，1和3或2和3。比如说，在金本位制下，各国为了实现固定汇率和国际支付的自由流动而放弃本国的货币政策主权，从而选择了前述的1和3。
When industrialized countries gave up fixed exchange rates at the end of the Bretton Woods period, they chose a system that allowed them to combine international capital mobility with a domestically oriented monetary policy. As a result, they had leeway to allow greater freedom of international asset trade8. The individual member countries of the European economic and monetary union have followed a different route with respect to their mutual exchange rates. By vesting
monetary policy in a common central bank, they have given up 2 above while embracing 1 and 3. However, the euro floats against foreign currencies8 and the euro zone as a unit orients its monetary policy toward internal macroeconomic goals while permitting freedom of cross-border payments.
当工业化国家在布雷顿森林体系后期放弃了固定汇率制时，它们选择了一种允许它们将国际资本流动与国内货币政策结合起来的体系。这种选择为跨国资产交易提供了更大的自由空间。而在成员国之间的相互汇率上，欧洲经济和货币联盟的成员国选择了一种不同的道路。通过把货币政策权力交给共同的中央银行，它们选择了前述的1和3两个目标，但同时放弃了2。然而，欧元相对于外国货币的汇率是浮动的，而且欧元区作为一个整体，在允许跨境自由支付的同时制定以区域内宏观经济目标为导向的货币政策。
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