双语阅读英语外刊精讲：欧洲单一货币(附音频)

2018-10-23 11:13:43来源：酷学英语

　　双语阅读是英语学习爱好者的天堂，在双语阅读里，不仅可以了解英美当地文化、习俗，还可以掌握地道英语表达，提高英语综合能力。本期主题：新东方刘琦老师为大家带来《双语阅读英语外刊精讲：欧洲单一货币(附音频)》，与大家一起分享。更多双语阅读资料，可点击查看：《双语阅读：英语外刊阅读精讲汇总》

　　Europe's single currency

　　France VS Germany

　　THE euro crisis that first blew up in late 2009 has revealed deep flaws in the single currency's design. Yet in part because it began with the bail-out of Greece, many politicians, especially German ones, think the main culprits were not these design flaws but fiscal profligacy and excessive public debt. That meant the only cure was fiscal austerity. In fact, that has often needlessly prolonged the pain. Later bail-outs of countries like Ireland and Spain showed that excessive private debt, property bubbles and over-exuberant banks can cause even bigger problems for financial stability.

　　That is one early conclusion of “The Euro and the Battle of Ideas”, by three academics from Germany, Britain and France. They describe thoroughly the watershed moments of the crisis, how power shifted to national governments (especially in Berlin) and the roles played by the IMF and the European Central Bank (ECB).They blame euro-zone governments for failing to sort out troubled banks more quickly, for not realising that current-account deficits matter when public debts are in effect denominated in a foreign currency, for not making the ECB into a lender of last resort and for not pushing through structural reforms in good times.

　　Such complaints are often heard, not least from Britain and America. But more originally, the authors find the roots of these failings not in stupidity but in clashing economic ideas. Simplifying a bit, they focus on Germany and France. The Germans like rules and discipline, and fret about excessive debt and the moral hazard created by bail-outs. The French prefer flexibility and discretion, and worry about large current-account surpluses and the lack of a mutualised debt instrument. The Germans favour budget austerity even in hard times; the French favour fiscal stimulus on Keynesian lines. German policymakers are often lawyers, French ones more frequently economists.

双语阅读：英语外刊阅读精讲(附音频)