首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
A year ago, monetary union looked as if it was heading for certain death, with the European banking system in apparent meltdown
A year ago, monetary union looked as if it was heading for certain death, with the European banking system in apparent meltdown
admin
2015-08-26
42
问题
A year ago, monetary union looked as if it was heading for certain death, with the European banking system in apparent meltdown and extreme divergence in monetary conditions across the single currency area. In all but name, monetary union had already ceased to exist.
Action by the ECB(European Central Bank), first with the cash-for-debt Long Term Refinancing Operation and, more recently, the promise of unlimited bond purchases, has succeeded in stilling the waters, at least to some degree. Even a Greek exit seems, for the time being, to be off the table. With more austerity, Berlin seems minded to give Greeks another chance—until the next bail-out, in any case.
But, though the single currency may have been saved from imminent death on the operating table, it seems now to be heading for a scarcely more appetising alternative—a condition of chronic, long-term illness where still very tight monetary conditions in many parts of the eurozone in combination with lockstep austerity threaten to induce a virtually permanent state of depression. Even Germany shows every sign of slipping back into economic contraction.
For Britain, still reliant as it is on some sort of a recovery in European trade to see it through its own austerity program, there could scarcely be a set of circumstances less helpful to long-term recovery than this.
New research by Dawn Holland and Jonathan Portes of the National Institute of Economic and Social Research has confirmed what has long been suspected—that co-ordinated fiscal consolidation across many EU countries has not only had a substantially larger negative impact on growth than expected, but has also had the very reverse consequence to the one intended by raising rather than lowering debt-to-GDP ratios.
You need to be a little bit careful with these findings, which are somewhat self-serving. Under Jonathan Portes, the National Institute has positioned itself very much on the stimulus side of the austerity-versus-stimulus debate. This is a paper that sets out to prove that the poor growth performance of most EU countries, including the UK, is primarily down to fiscal austerity.
Nonetheless, the number crunching seems to be robust enough, and it’s hard to disagree with the paper’s central finding that fiscal multipliers are much larger than in more normal times when consolidation is conducted collectively and into conditions of an already depressed economy.
Even so, the paper suffers from one, rather glaring, omission. Whether you are on the big or small state side of the argument, there is no doubt that fiscal consolidation is urgently needed in much of the eurozone periphery(外围), and some parts of the core as well.
Which of the following is an idea held by Jonathan Portes?
选项
A、Britain’s poor growth performance was due to fiscal austerity.
B、His findings are not suitable for the countries like the UK.
C、Most EU countries should raise their debt-to-GDP ratios.
D、EU countries should rely on fiscal austerity to avoid depression.
答案
A
解析
细节题。第六段末句提及This is a paper that sets out to prove that the poor growth performance ofmost EU countries,including the UK,is primarily down to fiscal austerity.由此可知[A]的含义与此相符,故为答案。
转载请注明原文地址:https://kaotiyun.com/show/ArXK777K
0
专业英语四级
相关试题推荐
Soonerorlater,youwillhaveto__________whatyoudidtoherthedaybeforeyesterday.
WhichofthefollowingstatementsaboutthemanisNOTtrue?
Fibersofhairandwoolarenotcontinuousandmustnormallybespunintothread______wovenintotextilefabrics.
Wonderingwhethertosellyourhome--andwhen?Putawaythetealeavesandstarcharts.Andwhileyou’reatit,packuptheco
Manycriticsconsiderthatfarmorestressisplacedonachievementsinathleticsthanintheacademicsphere.We’retoldthati
Hesoonregrettedhis______decisiontogetmarried.
Iwasexpressingsome______andwonderathergoodfortune.
TheCharmingCharacterofSwedes性格可爱的瑞典人AllsocialoccasionsinSwedenareregulatedbyrulesandtraditions./Andtheset
Johnmissestheearlybusforoversleeping,_______thedelay.
随机试题
治疗白细胞减少症外感温热证,应首选的方剂是()
制定护理计划中错误的内容是()
如果拆迁当事人对裁决不服,可以在接到裁决书之日起三个月内向人民法院起诉。()
某煤矿发生透水事故,当场死亡5人,主管安全的副总经理李某未向有关部门报告,贻误了事故抢险救援的时机,又导致3人死亡。依据《刑法》及相关规定,对李某的刑事处罚,下列说法正确的是()
商业助学贷款的签约流程是()。
某企业生产甲、乙、丙、丁四种产品,各种产品在车床组的台时定额分别为85台时、60台时、40台时、110台时;车床组共有车床20台。一年的有效工作时间为2800小时;计划甲、乙、丙、丁四种产品年产量为300台、170台、120台、135台。根据以上
导游人员在处理旅游事故时,应本着及时、积极、主动的态度,遵循()进行处理。
雅尔塔体系的实质是()。
从职工表(姓名、性别、出生日期)查询所有目前年龄在35岁以上(不含35岁)的职工信息,正确的命令是
ToughLawsonPaperAlarmingnewfiguresshowthatthedestructionoftheAmazon(亚马逊河)rainforesttheworld’sbiggesttropic
最新回复
(
0
)