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
25
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
(1)Comedy’slegendaryMontyPythonmembers—youknow,"I’malumberjack(伐木工
AtthePolishClubinGlasgow,Scotsand
应急照明控制器接收到火灾报警控制器的火警信号后,应在()s内发出系统自动应急启
A.肾小球基膜多种免疫复合物沉积 B.肾脏淀粉样变性 C.肾小管酸中毒 D
下列哪项是火邪、燥邪、暑邪共同的致病特点?( )A.耗气 B.上炎 C.伤
功能祛风湿、善祛脊背风湿的药是A.五加皮 B.千年健 C.川断 D.狗脊
欧盟规定成员国的赤字率不得超过( ),国债负担率不得超过GDP的( ),这被认为
TF1509期货价格为97.525,若对应的最便宜可交割国债价格为99.640,
丙公司因法院对甲公司诉乙公司工程施工合同案的一审判决(未提起上诉)损害其合法权益
某铜矿2021年6月销售铜矿石原矿收取价款合计800万元,其中从坑口到车站的运输
最新回复
(
0
)