Test 2:
<pre>This text just uses regular HTML code for monospaced text.</pre>
Test 3:
<pre><font size="+0">This text just regular HTML code for monospaced text and font size="+0".</font></pre>
OK, now I understand why the monospace tag works badly. It converts to the following HTML code (using {} instead of <>)
{/font}{blockquote}{pre}{font face="verdana,arial,helvetica" size="1" color="#ffffcc"}code:{/font}{hr}
Would it be possible to just make the code tag insert the HTML {pre}-tag instead? Possibly with a {font size="+0"} as well - otherwise, it seems, the text becomes very small. I think that would serve most people who use monospace text on these forums, where it's mostly used to write tables rather than programming code.