首页
登录
职称英语
When the economy is sinking and inflation fading rapidly, is there any meri
When the economy is sinking and inflation fading rapidly, is there any meri
游客
2023-08-30
22
管理
问题
When the economy is sinking and inflation fading rapidly, is there any merit in cutting interest rates gradually? On December 4th the Bank of England again opted for boldness. It cut its benchmark (基准) rate by a percentage point, to 2% , following a stunning one-and-a-haft-point reduction a month earlier. On the same day Sweden’s central bank slashed its rate, from 3.75% to 2%, and said big cuts were needed because monetary policy was less effective than usual. But the European Central Bank (ECB) was stuck somewhere between caution and boldness. Less than an hour after the Bank of England’s decision, the ECB reduced its main rate by three-quarters of a percentage point, to 2.5%. That was the biggest cut in its ten-year history. It may look daring, but in the circumstances seems inadequate.
One reason for the Bank of England’s haste is that the British economy, with its housing bust and exposure to financial services, is falling fast. Yet the euro area is struggling almost as badly. A closely watched index of activity, based on surveys of purchasing managers in manufacturing and services, slumped in November to its lowest level ever. That suggests euro-area GDP is shrinking fast, and for a third successive quarter. Business and consumer confidence is at a 15-year low, according to a survey by the European Commission.
The ECB’s remit is to stabilize inflation, not the economy. But inflation is no longer a barrier to big rate cuts and the bank needs to act to ensure it does not fall too low.
With news this grim, why not cut interest rates by more? In a speech last month, Lorenzo Bini Smaghi, of the ECB’s rate-setting council, argued against a hyperactive monetary policy(过激的货币政策). A big rate cut, he said, is more likely to drain confidence than perk it up, if "it is interpreted as a signal that the central bank has a more pessimistic assessment of the economy than market participants". A central bank that acts aggressively to insure against deflation could intensify expectations of it, malting that outcome more, not less, likely. Policymakers who slash rates at the first sign of danger will quickly run out of "ammunition(弹 品 )" ,he said.
Yet the immediate outlook for the economy is so bleak that there seems little merit in holding fire. In America the Federal Reserve has hardly any room left for bold cuts: its target rate is at 1% but the actual rate is lower. Even so, the Fed’s policy of pushing vast sums of cash into the economy has shown that monetary-policy options are not exhausted even when interest rates approach zero. Jean Claude Trichet, the ECB’s president, had held his usual press conference, hut the bank seemed likely to cut rates again at its next rate-setting meeting on January 15th. [br] What is the opinion of Lorenzo Biui Smaghi according to his speech last month?
选项
A、It is necessary to cut Interest rates by more.
B、He strongly recommended the hyperactive monetary policy.
C、Acting over-actively, the central bank will leave a pessimistic signal.
D、The aggressive insuring acts will certainly be helpful.
答案
C
解析
观点态度题。由定位句可以看出Lorenzo Bini Smaghi反对过激的货币政策,又第三句提到 A big rate cut...is more likely to drain confidence...,可见在Lorenzo Bird Smaghi看来,中央银行大幅降息会降低市场参与者的自信心,使他们感到悲观,C 符合题意。
转载请注明原文地址:https://tihaiku.com/zcyy/2970296.html
相关试题推荐
By2030,peopleover65inGermany,theworld’sthird-largesteconomy,will
By2030,peopleover65inGermany,theworld’sthird-largesteconomy,will
Youheartherefrainallthetime:theU.S.economylooksgoodstatistically
Motorizedvehicleuseisgrowingrapidlyandby2010____________(预计将达到350万辆)in
Todaytheworld’seconomyisgoingthroughtwogreatchanges,bothbiggerth
Todaytheworld’seconomyisgoingthroughtwogreatchanges,bothbiggerth
Todaytheworld’seconomyisgoingthroughtwogreatchanges,bothbiggerth
Todaytheworld’seconomyisgoingthroughtwogreatchanges,bothbiggerth
[originaltext]W:I’dliketobookoneeconomy-classtickettoParisforthisSa
[originaltext]W:I’dliketobookoneeconomy-classtickettoParisforthisSa
随机试题
职业性很强的传播是A.人际传播 B.自我传播 C.大众传播 D.群体传播
A.化妆品不得对皮肤和黏膜产生刺激和损伤作用 B.麻醉药 C.防腐剂 D.
企业制定战略目标是调查研究为基础,对企业而言,以下哪项是在确定企业战略目标之前最
灌注桩施工过程中,孔底沉淀土厚度常采用垂球法、电阻率法和电容法进行检测。(
确定教育目的的客观依据是()。A.哲学观念 B.人性假设 C.理想人格 D
从所给的四个选项中,选择最合适的一个填入问号处,使之呈现一定的规律性: A.如
某基层机关有甲和乙两个办公室,共有10名员工。其中甲办公室人数为乙办公室人数的1
东南沿海某小岛每年的5月至10月是旅游旺季,同时也是台风多发季节。岛上80%家庭
甲公司2×21年财务报告于2×22年4月1日报出,有关借款资料如下:(1)2×2
某办公楼工程建在市区繁华地段,建筑面积45000m2,钢筋混凝土框架-剪力墙结
最新回复
(
0
)