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
55
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.
According to the passage, action by the ECB______.
选项
A、made the European Banking System cease to exist
B、let Berlin decide to break with Greece immediately
C、has a positive effect on the European Banking System
D、caused extreme divergence across the single currency area
答案
C
解析
推断题。首段提及European banking system in apparent meltdown and extreme divergence,接着第二段首句提及Action by the ECB…has succeeded in stilling the waters,at least to some degree.并在第二句举例提及Even a Greek exit seems,for the time being,to be off the table.由此可知[C]的含义与此相符,故为答案。
转载请注明原文地址:https://kaotiyun.com/show/JOHK777K
0
专业英语四级
相关试题推荐
Ifwe______inthispractice,graduallywe’lllearnhowtoexpressourselvesinEnglish.
TherearethosewhopointwithalarmatAmericans’relativelackofinterestintheworld’smostpopulargames,soccer,asport
Whatshouldbeblamedforthecrash?
Asthegreatlowebbofhightechsweepsthroughtheworldofonlinecommerce,twokindsofsitesareweatheringthestorm.The
Asthegreatlowebbofhightechsweepsthroughtheworldofonlinecommerce,twokindsofsitesareweatheringthestorm.The
Whatistheauthor’sopinionaboutwork?Whatdoyouthinkisthestyleorgenreofthetext?
Apple’slaunchoftheiPadisagambleinmorewaysthanone.Tostartwith,it’sobviouslyabetthattherearemillionsofpeo
Theinterviewerswereimpressedbythehighcaliberoftheapplicantsforthejob.Theunderlinedpartmeans.
______humanbehaviormaybecausedbyeatingsubstancesthatupsetthedelicatechemicalbalanceinthebrain.
WhatwasthereasonfortheconsumertochargeMcDonald?
随机试题
压电法微量水分分析仪可以以露点为单位(摄氏或华氏)输出水分浓度。露点值是利用水分浓度和样品压力通过公式计算而得。()
在设计展开阶段,监理工程师进行质量控制的工作内容之一是()。
( )是指招标人以招标公告的方式邀请不特定的法人或者其他组织投标。资格审查是( )的一项重要权利。
没译英:“泡沫塑料、胶合板箱、软包装”。()
在市场研究和预测的基础上进行()等几个步骤,这是企业营销战略的核心,也是决定企业营销成败的关键。
国家对风景名胜区实行科学规划、统一管理、()、永续利用的原则。
某县技术监督局委托该县农业技术推广站对贩卖假种子的单位和个人行使处罚权,技术推广站应以下列哪个单位的名义行使处罚权?()
某超市购进一批商品,按照能获得50%的利润的定价,结果只销售了70%,为尽快将余下的商品销售出去,超市决定打折出售,这样所获得的全部利润是原来能获得利润的82%,问余下的商品几折销售()。
下列关于卡方分布说法正确的有()。
A、 B、 C、 A图片中是三种表情,听音时注意句中与表情、心情等相关的词汇即可。本题句中出现的是crying(哭),因此答案是[A]。
最新回复
(
0
)