这一方针还能通过灵活的汇率安排让央行避免货币联盟所面临的的双重风险：低估（带来通胀压力）和高估（需要扭曲性的内部贬值，造成实际工资下降 ） 。
By allowing for exchange-rate flexibility, this approach would also enable the central bank to avoid the twin hazards that arise in a currency union: undervaluation, which produces inflationary pressure, and overvaluation, which demands wrenching internal devaluations (driving down real wages).