英语翻译European Union leaders failed on Monday to move forward on their most urgent task:increasing the bailout fund to protect Europe’s ailing economies from defaulting on their bonds.Instead,leaders of 25 of 27 European countries agreed to s
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英语翻译European Union leaders failed on Monday to move forward on their most urgent task:increasing the bailout fund to protect Europe’s ailing economies from defaulting on their bonds.Instead,leaders of 25 of 27 European countries agreed to s
英语翻译
European Union leaders failed on Monday to move forward on their most urgent task:increasing the bailout fund to protect Europe’s ailing economies from defaulting on their bonds.
Instead,leaders of 25 of 27 European countries agreed to sign a new fiscal compact that will legally restrict them from fighting recessions with robust fiscal stimulus.Most economists outside the euro zone consider this approach a dangerous one.Those countries account for more than 20 percent of the world’s economy.Condemning them to longer and deeper recessions will drag down economies elsewhere that depend on trade,from the United States to China.
Without a bigger bailout fund,investors will likely keep betting against weakened economies like Italy and Spain,pushing up their interest costs and,consequently,adding to their deficits.Nevertheless,Europe’s leaders deferred action on more money until March.Market speculators may not agree to wait.
The world has gotten used to failed European summit meetings.What is particularly disheartening about this one is that some European leaders seem to believe they succeeded.“Considering the time frame,this was a real masterpiece,” Chancellor Angela Merkel of Germany said of the new fiscal pact.It was only in December that she made clear to other European leaders that adopting a fiscal pact to balance their budgets and reduce debt was an essential precondition for Germany to continuing to pay its fair share of European debt-relief costs.
The fiscal pact imposes substantial fines on any signatory nation whose deficit averages more than 0.5 percent of gross domestic product over a full economic cycle,a condition the United States would have had great trouble meeting over the past three decades.The summiteers also made ritual nods in the direction of more jobs and higher growth,without providing any new money to achieve this.
As the European Union’s biggest economy,and biggest contributor to the bailout fund,Germany continues to determine the approach in managing the Continent’s economic crisis.Others,particularly those needing help paying their bills,have little choice but to go along,whether or not they really believe that German-dictated austerity will help their ailing economies.Many leaders — Prime Minister Mario Monti of Italy,for example — have made clear that they do not.
A leader wiser than Mrs.Merkel would build a stronger European Union by helping her neighbors grow their way out of debt,not squeeze them to the breaking point.A wise leader would also remind German voters that the prosperity of their own export-dependent economy requires sustained demand in neighboring countries.
Poor German leadership in this crisis has exacted an increasing economic and social price from Greece,Ireland,Portugal,Spain,Italy,Belgium and France.The longer Germany insists on putting fiscal austerity ahead of growth,the more likely it becomes that Germany,too,will suffer economic pain.
英语翻译European Union leaders failed on Monday to move forward on their most urgent task:increasing the bailout fund to protect Europe’s ailing economies from defaulting on their bonds.Instead,leaders of 25 of 27 European countries agreed to s
欧盟领导人在周一未能推进其当下最首要的课题:增加援助基金以保证衰退的欧洲经济不再拖欠债券.
相反的,27名成员国领导人中的25位却同意签署一份新的财政条约,从法律上约束他们对经济萧条进行有力的财政刺激措施.欧元区外的多数经济学家认为欧盟的这一举措十分危险.欧盟国承载着世界经济的20%.(经济学家)谴责他们继续深化的经济衰退将进一步拖累对贸易依赖的其它国家,包括美国和中国在内.
在没有大笔援助资金的情况下,投资方恐怕会和处在水深火热之中的意大利、西班牙继续赌下去,提高他们的利息支出,加大两国的财政赤字.尽管如此,欧洲领导者们的资金还是拖延到3月份以后了.市场投机者们没有等下去的意思.
世界对于失败的欧盟首脑会议已经习以为常了,但这次会议令人特别沮丧的原因是,居然有个别欧盟领导人认为他们成功了.“考虑到(会议)时间的紧迫,这(法案)还真是大师级成果”德国总理Angela Merkel谈到新的财政法案时说.而在去年12月她才刚刚对其余欧洲领导人表明,要想让德国继续支付“欧洲债务减免费”中自己的那一份儿,采纳一项财政法案来平衡支出和减少债务是必不可少的先决条件.
这次签署的法案规定,在一个完整的经济周期内,凡是平均赤字超过国内生产总值0.5%的签字国都将接受巨额罚款——这是一个美国在过去的三十年内都无法实现的指标.在没有任何新资金注入的情况下,与会者还点头同意了关于提供更多工作岗位和经济增长的发展方向.
作为欧盟国中最大的经济体和援助基金最大的提供者,德国将继续规划着对这片大陆经济危机的管理方案.其余国家,尤其是这些需要其他人帮着交账单儿的,不管相不相信在德国主导下的财政紧缩会帮助他们病入膏肓的经济现状,除了跟着德国一起走以外,别无选择.许多领导人——比如意大利总理Mario Monti,明确的表示他们不相信.
一个比默克尔女士更明智的领导人会帮助她的邻国们摆脱债务来建立一个强大的欧洲联盟,而不是逼他们走上绝路.一个明智的领导人更会提醒德国选民们,本国出口经济的繁荣离不开邻国的持续需求.
在这次经济萧条中德国领导层的不给力为希腊、爱尔兰、葡萄牙、西班牙、意大利、比利时和法国造成了越来越多的经济和社会代价.如果德国继续坚持把财政紧缩政策放在经济增长之前的话,不难想象,在不久的将来德国也会遭受经济上的痛苦.
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