The extended crisis of the European Monetary System (EMS) between September 1992 and July 1993 looked as if it would derail European integration. What was initially seen as a problem in one country (Italy) toppled other currency regimes like dominos: Britain, Spain, and Portugal – and, by July 1993, even France was vulnerable.
欧洲人应该回顾历史，过去的危机往往催生过富有创造性的解决方案。1992年9月至1993年7月间，欧洲货币系统（EMS）的持续危机，看似会让欧洲一体化列车出轨。最初认为是一个国家（意大利）的问题，像多米诺骨牌一般推倒了其他国家的汇率：英国、西班牙、葡萄牙，到了1993年7月，连法国都摇摇欲坠。当初就跟现在一样，关系到欧洲的未来。