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
2024-09-19
1
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
推断题。首段提及European banking system in apparent meltdown and extremedivergence,接着第二段首句提及Action by the ECB…has succeeded in stilling the waters,atleast to some degree.并在第二句举例提及Even a Greek exit seems,for the time being,to beoff the table.由此可知[C]的含义与此相符,故为答案。
转载请注明原文地址:https://tihaiku.com/zcyy/3764712.html
相关试题推荐
Ayearago,monetaryunionlookedasifitwasheadingforcertaindeath,wi
TheInternationalMonetaryFund(IMF)isthemostpowerfulfinancialinstituti
TheInternationalMonetaryFund(IMF)isthemostpowerfulfinancialinstituti
TheInternationalMonetaryFund(IMF)isthemostpowerfulfinancialinstituti
Threebiguncertaintiesloomoverthenextadministration.Theitalicizedwordi
Tomysurprise,thehousewhichlookedrathershabbyoutsidewasluxuriouslyand
Tomysurprise,thehousewhichlookedrathershabbyoutsidewasluxuriouslyand
Furnituremadeofpurewoodiscertainlymoreexpensivethan______madeofother
______dullhemaybe,heiscertainlyaverysuccessfultopexecutive.A、Although
______atinhisway,thesituationdoesn’tseemsodesperate.A、LookingB、Looked
随机试题
[originaltext]W:Doyouwantmetoexplainthesequestionsbeforetheexam?M:
TCP/IP协议簇包含多个协议,它们之间必须满足特定的封装关系,下面的选项中正确
柯萨奇病毒实验室诊断的“金标准”是A.查核酸 B.查抗体 C.分离培养 D
下列各项中,不属于项目评估内容的是()。A.项目技术评估 B.项目担保及风
案例: 阅读下面的学生作文,完成题。 请忙一些吧 ①《红楼梦》中,探春起了
下列各项属于折扣定价的有( )。 A.现金折扣B.基点定价C.职能折扣
中考前张老师得到一份很好的复习资料,但拒绝和其他教师分享,张老师的做法属于(
甲涉嫌盗窃罪被逮捕。甲父为其申请取保候审,公安机关要求甲父交纳10万元保证金。甲
中央直接管辖的某大型国有企业在某县境内设立的工厂发生剧毒物质大量泄漏事故,该县张
女性不孕常见的因素是A、外阴因素 B、输卵管因素和排卵障碍 C、子宫因素
最新回复
(
0
)