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
49
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://www.tihaiku.com/zcyy/3158475.html
相关试题推荐
Themembershipcardentitledhim______certainprivilegesintheclub.A、onB、in
WhichofthefollowingisNOTmentionedinthenews?[originaltext]Headingo
Ifwecontinuetoignoretheissueofglobalwarming,wewillalmostcertainlys
______atinhisway,thesituationdoesn’tseemsodesperate.A、LookingB、Looked
ThosejointventuresinChinaenjoycertain___________thatotherenterprisesd
Itwassurprisingthatthehotelthatlookedrathershabbyoutsidewasluxurious
WhenIlookeddownandsawhowfarIhadtojump,mycourage______me.A、passedB、
Italianfootballteamwasina_____corner:itlookedasthoughitwasgoingtol
Clothingmadeofplasticfibreshascertainadvantagesover_____madeofnatural
Whydomanyoftheboysavoidcertaininstruments?A、Theyfindthemtoohardtop
随机试题
WhyhavetheAmericansdevelopedspaceshuttleaccordingtothepassage?[br][
[originaltext]Bookreportsmayberequiredbyteacherswhowanttoknowwhe
PASSAGETWOMaketextbookshardertoread.此题考查实验结果对于教学的启示。可以从第一段或者最后一段(thelesson
Juicemaybetasty,butit’snotreallythatnourishing.Whileorangejuice
沟通的最低层次是A.礼节性沟通 B.陈述性沟通 C.分享性沟通 D.情感性
请从所给的四个选项中,选出最恰当的一项填入问号处,使之呈现一定的规律。 A.如
患儿日龄5天。生后24h内出现黄疸,进行性加重。在蓝光疗法中,下列哪项措施是错误
2020年1-12月份,全市固定资产投资3815.36亿元,同比增长6.1%。房
对建筑内的安全疏散设施进行检查,下列关于疏散楼梯最小净宽度的说法,不符合现行国家
电信普遍服务的管制方法有()。A:强制企业承担 B:交叉补贴 C:亏损补偿
最新回复
(
0
)