首页
登录
职称英语
A year ago, monetary union looked as if it was heading for certain death, wi
A year ago, monetary union looked as if it was heading for certain death, wi
游客
2023-11-03
41
管理
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. [br] 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://tihaiku.com/zcyy/3155670.html
相关试题推荐
WhichoftheitalicizedpartsindicatesUNCERTAINTY?A、Shecandoitherselfora
WhenIlookeddownandsawhowfarIhadtojump,mycourage______me.A、passedB、
Whichofthefollowingsentencesexpressesacertainty?A、InEngland,trafficmus
Italianfootballteamwasina_____corner:itlookedasthoughitwasgoingtol
Incertaincountriesthelaw______parentstosendtheirchildrentoschool.A、i
AsKarahappilyflippedthroughhercollegecatalogues,herparentslookedonin
Furnituremadeofpurewoodiscertainlymoreexpensivethan______madeofothe
Therehascertainlybeenariseinenquiries______thelaw,andit’sfrompeople
Ayearago,monetaryunionlookedasifitwasheadingforcertaindeath,wi
Ayearago,monetaryunionlookedasifitwasheadingforcertaindeath,wi
随机试题
Labelthediagrambelow.WriteNOMORETHANTWOWORDSforeachanswer.[
【C1】______arethemissionsofalearnedsocietyinaneraofdigitalnetw
[originaltext]TheworldwideorganizationoftheRedCrossstemsfromtheid
质检人员从生产线上随机抽取5件产品检验其使用寿命,产品的质量标准是使用寿命不小于
慢性肺源性心脏病急性加重期的治疗首先采用A.强心剂 B.呼吸兴奋剂 C.小剂
关于公募基金的合同生效,以下表述正确的是()。A.基金如果募集失败,管理人及托
共用题干 张小姐是某外企的市场部经理,年轻有为,收入可观。最近张小姐打算给自己
下列句子有歧义的一项是A.新一季的玉米种子已经进了田里,等待雨水灌溉而发芽成长
Butatthesametime,77percentofmoms
风险评价方法中,最常用、最简单且易于应用的方式是()。A.调查打分法 B
最新回复
(
0
)