Given this, monetary policy remains the most effective driver of exchange-rate movements. The key to ensuring a satisfactory exchange-rate balance is for countries to pursue policies aimed at ensuring a desirable combination of domestic inflation and employment.
基于此，货币政策仍是最有效的汇率运动驱动因素。确保有利的汇率平衡的关键是追求旨在确保合意国内通胀和就业组合的政策。如果（比如）满足国内通胀和就业目标需要加强货币宽松——这会给本币带来贬值压力，提振经济的国际竞争力——那么其他国家也许也不得不追求货币扩张以维持最优国内通胀和就业率。