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
2024-08-23
3
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] According to the passage, action by the ECB________.
选项
A、made the European Banking System cease to exist
B、let Berlin decide to break with Greece immediately
C、has a positive effect on the European Banking System
D、caused extreme divergence across the single currency area
答案
C
解析
转载请注明原文地址:https://tihaiku.com/zcyy/3732147.html
相关试题推荐
(1)WhenIwasvisitingShanghai,Ilearnedtoavoidacertainalleyonmyw
(1)WhenIwasvisitingShanghai,Ilearnedtoavoidacertainalleyonmyw
Tomysurprise,thehousewhichlookedrathershabbyoutsidewasluxuriouslyand
Sincethefutureisuncertain,nobodycanreadit,________?A、canitB、canthey
Ayearago,monetaryunionlookedasifitwasheadingforcertaindeath,wi
Marysatatthetable,lookedattheplateand________herlips.A、smackedB、opene
Emily:______?Scott;Yes,itcertainlyis.Emily:Abouttimetoo—afterallthat
[img]2012q2/ct_eyyjsdm_eyyjsdreadd_0045_20122[/img]Certainbirdsare,more
[img]2012q2/ct_eyyjsdm_eyyjsdreadd_0045_20122[/img]Certainbirdsare,more
[img]2012q2/ct_eyyjsdm_eyyjsdreadd_0045_20122[/img]Certainbirdsare,more
随机试题
Accordingtothenewsitem,manyCanadiansgatheredinMontreal______.[origina
布达拉宫(PotalaPalace)是一座举世闻名的建筑群。它是世界上最高的古代宫殿,最高点达到3700米。布达拉宫占地总面积为36万平方米,主楼高1
从1990年至2003年,浙江第三产业占GDP比重上升了几个百分点?A.2
直流电源直流配电屏交流输入主回路松动,造成充电模块交流输入失电;或直流供电主回路
有些类型的生态环境一经破坏就不能再恢复,实行预防性( )几乎是唯一的措施。A.
一位研究者考察被试的简单听觉反应时,经测量得25名被试的反应时平方和(SS)为7
公积金个人住房贷款的资金来自于()A:银行自有的信贷资金B:公积金管理部门归集
电压互感器采用三相星形接线的方式,若要满足二次侧线电压为100V的仪表的工作要求
40岁女性,G4P2,3年前普查时发现子宫肌瘤,定期检查。月经周期规则,量中等,
常见阴道出血的原因有A.内分泌功能失调 B.以上都是 C.损伤 D.妊娠相
最新回复
(
0
)