国际银行法对应的译文
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The outbreak of sovereign debt crisis in the euro zone is the most difficult events after the birth of the euro , and after a lot of prai, regional monetary system ems particularly embarrassing, so not only the European Union but also the whole world faces a greatly difficult problem about how to solve the debt crisis. After having the international financial crisis triggered by the U.S. subprime mortgage crisis, the global economy just showed the signs of recovery at the end of 2009, but again fell into the maelstrom of the sovereign debt crisis. In December, 2009, the Greek government announced the ratio of its budget deficit and public debt to gross domestic product (GDP) , which was far above the criterion of the European Union's Stability and Growth Pact. Then the three major international credit rating agencies have downgraded Greece’s sovereign credit rating and put it on negative watch list, which in turn triggered the plunge of the Greek stock and the sharp decline of euro exchange rate. Thereafter the games which originated from the euro zone sovereign debt crisis of Greece just have begun. Since 2010, the debt crisis has spread from Greece to Ireland, Portugal, Spain, Italy, Cyprus and other countries, and took on a more and more int
ensified trend. The investors aren’t confident in global financial market which always swings sharply, so once again, the prospect of a global economic recovery is cloaked in the bad
stateof the debt crisis.That the outbreak of sovereign debt crisis centers on the euro zone makes the euro face the huge test and challenge, since it was born more than 10 years, and at the same time also leads to the prediction and conjecture that a debt crisis will be ended in the break-up of the eurozone. That why sovereign debt crisis focus on the euro zone and what the future of the euro is and so on become the international important issue for a short while.accessory
the bell curve一、The analysis of the caus of sovereign-debt crisis in the
euro zone
因为你英文
Since the outbreak of global financial crisis in 2008, it widespreadly appeared high fiscal deficit and public debt in the euro-area countries, of which Greece, Ireland, Portugal and
the saturdaySpain are particularly rious. As the international credit rating agencies have downgraded the sovereign credit rating in the countries, a debt crisis affected veral euro- area countries began to spreading continually. Although the EUhas launched a bailout plan of 750 billion euro, and yet it didn’t curb effectively the worning trend of debt crisis. Actually, excess deficit in the euro area is a long historical issue, and the U.S. financial crisis just accelerates the process of sovereign debt crisis. In esnce, the sovereign debt crisis is the crisis of euro, the monetary system, namely, a result of
the interaction of underlying reasons, including the institutional defects existing in the euro zone, and social and economic structural defects within EU, etc.
1 The institutional defects of unified currency and disperd financy Fiscal and monetary policy are two important macroeconomic control means of a country, and both must coordinate and cooperate with each other to achieve effective control to economic operation. And in order to deal with the complex economic situation effectively, a real unified economy also requires the uniform and coordinate monetary and fiscal policy. The
outbreak of the eurozone’s sovereign debt crisis fully expos the institutional defects of European monetary union, namely the conflict of unified currency and disperd financy. There established the European Central Bank, and implemented the unified monetary policy in euro-erea, but did not establish unified European financial institutions,and the member countries still executed their fiscal policies.
According to Maastricht Treaty, the countries joining the euro zone have to hand off the rights of tting monetary policy and currency law to the European Central Bank, and fiscal policy needs to accord with four convergence criteria. In this way, the euro-era countries
飞扬英语have a unified currency, the central bank and monetary policy, while fiscal policy is divided and ruled by by each member.For euro-era countries bankcrupt of independent monetary policy, fiscal policy is the only control means of promoting economic growth and dealing with the crisis. Especially under the situation of adver economy, members can't stimulate the economy by currency devaluation, cuting interest rates, etc. becau of loss
witnessingof independent monetary policy.So the only policyis to expand fiscal expenditure and increa the budget deficit. The euro’s launch and the development of euro-era financial market integration make the member coutries’ financing range expand, and relatively reduce the cost of financing so that each government can rai a lot of money at a relatively low cost, and accumulate debts more easily than before; Owing to unified currency and decentralized fiscal system in euro-era, the members don’t worry about that the implementation of deficit policy will have adver effects on the stability of currencies and prices. The budget is hard to curb the deficit. The lack of fiscal discipline and relax, will leave hidden peril for the stability of the euro and the euro-era. Therefore, the EU’s Stability and Growth P act has carried on the strict constraints to members’finance, namely the members of the public debts should not exceed 60% of GDP, and the budget deficit should not exceed 3% of GDP.
Moreover, if the fiscal deficit has been over 3% of GDP for three years, the country will be punished a maximum fine eqivalent to 0.5% of GDP. It can be said that fiscal discipline this pact is strict, but it also can be an empty shell owing to loss of implementaion.
In 2001, that Portugal’s deficit was 4.1% became the first country violating Stability and Growth Pact; Later, Germany and France, the core countries of euro-zone, appeared three concutive years’deficit beyond the cordon from 2002 to 2005; In 2008 in order to deal with the global financial crisis, 20 countries of the EU including 27 members were in state of the excessive deficits and debt, and the fiscal deficit and public debt generally and riously exceeded in 16 countries of the euro zone. Since its launch in 11 years, none of countries had paid fines for violating the above.
莱昂纳多 温丝莱特
