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
55
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] What’s the author’s attitude toward the findings made by the National Institute?
选项
A、Supportive.
B、Appreciative.
C、Opposed.
D、Neutral.
答案
C
解析
态度题。由第六段首句You need to be a little bit careful with these findings,which are somewhatself-serving.和末段首句Even so,the paper suffers from one,rather glaring,omission.可知作者对theNational Institute的研究结果持反对的观点,故[C]为答案。
转载请注明原文地址:https://tihaiku.com/zcyy/3155672.html
相关试题推荐
______atinhisway,thesituationdoesn’tseemsodesperate.A、LookingB、Looked
______dullhemaybe,heiscertainlyaverysuccessfultopexecutive.A、Although
Certainlynocreatureintheseaisodderthanthecommonseacucumber.All
Certainlynocreatureintheseaisodderthanthecommonseacucumber.All
Certainlynocreatureintheseaisodderthanthecommonseacucumber.All
Sometimesthestudentmaybeaskedtowriteabouthis______toacertainbookor
Therepublicationofthepoet’smostrecentworkswillcertainly______hisnati
Threebiguncertaintiesloomoverthenextadministration.Theitalicizedwordi
TheInternationalMonetaryFund(IMF)isthemostpowerfulfinancialinstituti
Ayearago,monetaryunionlookedasifitwasheadingforcertaindeath,wi
随机试题
GeneticallyModifiedFoods—FeedtheWorld?Ifyouwanttosp
OriginsofaPlagueSomegaybashersbelieveit
某运输公司驾驶人甲驾驶一辆装满液氧的大货车,自东向西沿某高速公路行驶,行驶途中在
共用题干 TheCaseoftheDisappearingFinge
信念和态度一旦形成就很难改变,会引导消费者习惯地购买某些商品。( )
案例四: 一般资料:求助者,男性,l7岁,高中二年级学生。 案例介绍:该求助
在满足或有事项确认条件下,企业下列各项支出中,构成预计负债内容的有()。A
下面为某商业银行2019年12月31目的资本充足率情况表: 该商业银行的
选择完工产品与在产品的成本分配方法时,应考虑的条件包括()。A.在产品数量
下列关于强矩阵式组织结构的表述中,正确的是( )。 A.没有专职的项目经理
最新回复
(
0
)