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
2023-11-04
23
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/3158473.html
相关试题推荐
Thattrumpetplayerwascertainlyloud.ButIwasn’tbotheredbyhisloudness__
Thedisappearanceofherpaperhasneverbeen________.A、countedforB、lookedup
Ifwecontinuetoignoretheissueofglobalwarming,wewillalmostcertainlys
______atinhisway,thesituationdoesn’tseemsodesperate.A、LookingB、Looked
ThosejointventuresinChinaenjoycertain___________thatotherenterprisesd
Everybookshouldhavea(n)______whichtellsusonwhatpagecertaininformatio
Asoneoftheyoungestprofessorsintheuniversity,Longfellowiscertainlyon
Whichofthefollowingsentencesexpressesacertainty?A、InEngland,trafficmus
Clothingmadeofplasticfibreshascertainadvantagesover_____madeofnatural
WhichofthefollowingisNOTmentionedinthenews?[originaltext]Headingo
随机试题
PASSAGEONEWhydidthegirlplaybasketballoverandoveragain?Thegood.本题考查苏格
Theteacher____________(宁愿女儿和自己不在同一所大学里教书)。wouldratherhisdaughterdidnottea
一般而言,预期利率将上升,一个美国投资者很可能()。A、出售美国中长期国债期货合约B、在小麦期货中做多头C、买入标准普尔指数期货和约D、在美国中长
光对植物形态建成的直接作用称为光范型作用,它是一种低能反应。
Thechangeinthatvillagewasmiraculou
出库中的复核的内容包括()。 A.记录是否完整 B.主机和附件是否配套
金融期货一般不包括()。A:利率期货B:期权期货C:货币期货D:股票指数期
岩石分类不包括()。A.特坚石 B.普坚石 C.软坚石 D.松石
下列定额中,项目划分最细的计价定额是()。A.材料消耗定额 B.劳动定额
A.急性阿米巴痢疾 B.细菌性食物中毒 C.霍乱 D.急性菌痢 E.肠结
最新回复
(
0
)