英语翻译

英语翻译
英语翻译

英语翻译
In this process,the international rating agencies played a role of fueling to the flame.International rating agencies overestimated the sovereign credit of developed countries generally,so ignored the long-standing debt problems of Greece and other countries.But as the market began to pay attention to the debt problems,S&P and other rating agencies also began to cut the sovereign credit rating of Greece and other countries,which further exacerbated the market panic,thus led to the crisis.
EU leaders have criticized the international rating agencies many times for lack of judgment and over-reliance on market sentiment and other defects in the sovereign credit rating process.Currently,the EU said it would take measures to strengthen the supervision of rating agencies,review the rating methods,rigorously enforce rating results,so then limit the rating results' influences on the market.
Secondly,there are also many flaws with the euro-zone economy,the financial management system itself.
For one thing,the separation of monetary and fiscal policies.A country's monetary and fiscal policies should "rely on each other,can not be separated".However,despite monetary policies of euro area member states have achieved a high degree of consistency,but fiscal policies still lie in the hands of every sovereign states.Once come up against economic and financial issues,it is hard for countries to coordinately use monetary and fiscal policies to solve economic problems.
For the other thing,because of the uneven economic development of euro zone countries,a unified monetary policy can not adapt to the needs of different countries.Within the euro zone,there are member states such as Greece,in recent years,economic competitiveness relatively decline,high unemployment rate and real estate bubble and other economic risks are serious,current account deficits continue to accumulate,it will be the weak link when financial crisis attacks; as well as Germany represents part of members that conomic competitiveness relatively increase,powerful exports,the current account surplus expand continuously.Because different national economies are affected by the crisis diversely,so the demand for the stimulus monetary policy is different.
After the outbreak of the financial crisis,the euro is not the same as the United States into the zero interest rate,it is in accord with the interests of economic powers such as Germany,but result in Greece and other countries encounter significant deficits problems.Because these countries could not let their currencies depreciate,nor reduce interest rates to stimulate lending,they can only rely on more national debt to raise funds to carry out economic stimulus plan.it is observed that in certain circumstances,the unified monetary policy limits member states' ability of dealing with crisis and regulating economy.

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