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
2015-04-29
43
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.
What does the passage mainly talk about?
选项
A、The monetary conditions across the euro monetary union.
B、The financial relationship between Germany and Greece.
C、The efforts of Britain in joining in the euro union.
D、The debate between the UK and other European countries.
答案
A
解析
主旨题。通读全文可知,本文主要叙述了欧元区的金融状况以及各方对此采取的措施或评论,[A]含义与此相符,故为答案。
转载请注明原文地址:https://kaotiyun.com/show/HOHK777K
0
专业英语四级
相关试题推荐
SanFranciscoisusuallycoolinsummer,butLosAngeles______is.
WhenshouldthemancheckwithStudentServicestoensurethechangeofregistrationdate?
TherearethosewhopointwithalarmatAmericans’relativelackofinterestintheworld’smostpopulargames,soccer,asport
He’dbetterresignfromhispost,______?
Migrationisusuallydefinedas"permanentofsempermanentchangeofresidence."Thisbroaddefinition,ofcourse,wouldinclude
Accordingtothespeaker,whydon’tstudentslikestudyinghistory?
Mrs.Nancywaswakenedmidnightbytheringingofthephoneseveralhoursaftertheshipthatherhusbandwasonhadbeen______
Foodcanbeproducedmuchmorecheaplytodaybecauseofimprovedfertilizersandbettermachinery.However,someofthemethods
Heturnedhisbackonthemwhentheymostneededhim.Theunderlinedpartmeans
WhatistheprimarypowerofSouthKorea’seconomicprogressintheseyears?
随机试题
(2011年10月)中共中央正式提出党在过渡时期总路线的时间是________。
产权包括人们对财产的()
患者,男,62岁。胆囊切除手术术中输血200ml,术后第11天无明显诱因体温升高至38.6℃,血压95/55mmHg,查体见皮肤、巩膜黄染,实验室检查发现贫血和血红蛋白尿。此时最需重视的合并症是
患者,男性,86岁。30小时前无明显诱因出现全腹部不适感,伴恶心,无呕吐,24小时前出现右下腹痛,无后背疼痛和放射痛,伴发热,体温39℃。体格检查:全腹部压痛,伴有反跳痛、肌紧张,以右下腹肌为著,肠鸣音消失。目前治疗的方法为
教师应管理和防范班级中的非正式群体。()
Dogshaveaverygood______ofsmellandareoftenusedtosearchforsurvivorsinanearthquake.
某慈善基金会收到一笔没有署名的捐款,经多方调查得知,是林川、吴飞、郑傅和郭博四人中的一人捐的。但问到他们时,林川说:“我没捐。”郑傅说:“是吴飞捐的。”吴飞说:“是郭博捐的。”郭博说:“不是我捐的。”如果四人中只有一人说了真话,则下列哪项为真?()
坐落在吐鲁番盆地中央平原的(),是新疆地区规模最大、延续时间最长,形制最复杂、影响最深远的一座名城。它奠基于公元前1世纪,是汉魏以来河西及中原移民所营建的中心城市。
对数组名作函数的参数,下面描述正确的是()。
下列关于关系数据库中数据表的描述,正确的是()。
最新回复
(
0
)