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.
As to Britain, a recovery in European trade______.
选项
A、threatens to induce a state of depression
B、is helpful for its economic development
C、involves a condition of long-term illness
D、will make Germany cooperate with it
答案
B
解析
推断题。第四段提到For Britain,still reliant as it is on some sort of a recovery in European tradeto see it through its own austerity program…,由此可知[B]符合文意,故为答案。
转载请注明原文地址:https://kaotiyun.com/show/POHK777K
0
专业英语四级
相关试题推荐
Allofthis______,shestillholdstheideathatthedevelopmentoftheinternetmakespeoplelosetheirsenseofplace.
Accordingtotheman,thecomputerhadproblemsEXCEPTthat
InaChineseuniversityorcollege,astudentissometimesobligedtosharearoomwithoneormoreroom-mates.Brieflydiscuss
WriteonANSWERSHEETTWOanoteofabout50~60wordsbasedonthefollowingsituation:YouareTom.YourfriendJerryinvite
TowhichcountrydotheRodong-1missilesbringthemostthreat?
Astheeditorofasciencemagazine--afannyone--IwascontinuallybesiegedbypeoplewhowantedrayhelpinwinningaNobelPr
Whatcananexhaustsystemdoifitisefficient?
HowmanyofficersdoestheHongKongPolicedepartmentroughlyhaveaccordingtothenews?
WhydidthehumanrightsorganizationscriticizeMorocco?
Manycriticsconsiderthatfarmorestressisplacedonachievementsinathleticsthanintheacademicsphere.We’retoldthati
随机试题
甲某使用假印章和变造的保险单与保险人签订非典人身意外保险合同,收取保费。投保人达200多人,非法收取保费100余万元,甲某在保险单上留有真实的联系电话,当投保人被非典疫情传染时,甲某进行了一定的理赔。对甲某的行为应如何认定()
A.回力卡环 B.圈形卡环 C.长臂卡环 D.对半卡环 E.倒钩卡环适用于与缺隙相邻牙松动,而间接相邻牙稳定的卡环是
男性,30岁。全身乏力,低热、伴左上腹肿块半年。肝肋下2cm,脾肋下7cm,化验:血红蛋白80g/L,白细胞140×109/L,血小板100×109/L,骨髓象原始粒细胞0.02,ph染色体阳性,正确的治疗为
杜仲的主产地是牡丹皮的主产地是
在最大计算弧垂情况下,35kV架空电力线路导线与建筑物之间的最小垂直距离,应符合下列哪一项数值的要求?()
相比那些不参加潜水运动的人,经常参加潜水运动的人一般都健康一些。可见,潜水运动能锻炼身体,增进身体健康。以下哪项最有力地对上述论证提出了质疑?()
无论是经济、艺术抑或科技,每个行业都有专业术语。专业术语的功能一方面是填补一般用语对某些专有事物或过程未曾命名的空缺,另一方面是为了确保对专有事物或过程的描述更加精准。专业术语在专业性的沟通和交流中必不可少,因为它们为所在领域的专业人士们所认同,在实际应用
设齐次方程组其中a≠0,b≠0,n≥2.是讨论a,b为何值时,方程组仅有零解、有无穷多解?在有无穷多解时,求出全部解,并用基础解系表示全部解。
四元非齐次线性方程组AX=b有三个解向量α1,α2,α3且r(A)=3.设α1+α2=,α2+α3=.求方程组AX=b的通解.
Whichofthefollowingmostaccuratelystatesthemainideaofthepassage?Thepassagesupportswhichofthefollowinginferen
最新回复
(
0
)