大家在備考GRE時(shí)不能一味做復(fù)習(xí)資料，也要多關(guān)注時(shí)事才好，下面是小編搜集整理的給GRE考試經(jīng)濟(jì)類雙語(yǔ)精選閱讀，希望你有所幫助。
German macroprudential reforms——Beware Teutonic caution
德國(guó)的宏觀審慎改革：謹(jǐn)防日耳曼式謹(jǐn)小慎微
The Bundesbank should not exert its new clout toozealously
德國(guó)央行新令牌在握，切莫肆意呼風(fēng)喚雨
THE European Central Bank (ECB) decided a year ago to hold this week’s monetary-policymeeting in Barcelona, but the timing turned out to be perfect. Spain is in the crosshairs of themarkets, not least because of budgetary overruns by regional governments such as Catalonia’s.And the contrasting economic fortunes of beaten-up Spain, where the jobless rate has reached24%, and resilient Germany, where it is below 6%, exemplify the difficulty of finding the rightmonetary policy in a currency union of 17 members.
歐洲中央銀行(ECB)早在一年前就決定了將于本周在巴塞羅那召開貨幣政策會(huì)議，現(xiàn)今看來(lái)，會(huì)議召開的恰是時(shí)候�，F(xiàn)在的西班牙正處在市場(chǎng)的風(fēng)口浪尖，特別是因?yàn)榧犹┝_尼亞等自治區(qū)政府的預(yù)算超支才導(dǎo)致了西班牙到了這般田地。同德國(guó)相比，西班牙經(jīng)濟(jì)死氣沉沉，失業(yè)率飆升至24%;德國(guó)經(jīng)濟(jì)穩(wěn)步反彈，失業(yè)率則低于6%。如此鮮明的對(duì)比恰也印證了，在這個(gè)由17名成員組成的貨幣區(qū)內(nèi)制定出一項(xiàng)正確的貨幣政策確實(shí)不易。
The ECB’s meeting on May 3rd (after The Economist went to press) was not expected tochange its monetary stance. Behind the scenes, however, there are acute tensions within its23-strong governing council, made up of six board members and the heads of the 17 nationalcentral banks. In particular Jens Weidmann, the president of the powerful GermanBundesbank, opposed the decision to cut interest rates to 1% in December, and frets aboutthe adequacy of the collateral against which the ECB has lent so much money to banks inrecent months.
貨幣政策會(huì)議在本期《經(jīng)濟(jì)學(xué)人》付梓之際尚未召開。預(yù)計(jì)歐洲央行不會(huì)在5月3日召開的會(huì)議上改變其貨幣政策。然而在幕后，各委員的意見卻是針鋒相對(duì);歐洲央行管理委員會(huì)共由6名歐洲中央銀行執(zhí)行委員會(huì)成員和17名歐元區(qū)成員國(guó)央行行長(zhǎng)組成，在這23人的委員會(huì)中，唯獨(dú)德國(guó)聯(lián)邦銀行行長(zhǎng)權(quán)利較大，而最為不滿的人也正是他。早在去年12月，他就曾反對(duì)歐洲央行將利率下調(diào)至1%的決議，近幾個(gè)月來(lái)，銀行頻頻以抵押物換取歐洲央行貸款，更是引起了魏德曼對(duì)歐洲央行所持巨額資金抵押品的堪憂。
Among other things Germany’s top central banker wants to avoid a home replay of the creditand property boom whose excesses have been so harmful in Spain. Loose monetary policymakes him nervous about the possibility of a property bubble in Germany. After a long periodwhen house prices fell and then stagnated, they have picked up in the past couple of years(see chart). Homebuilding orders are up by a fifth on a year ago.
超額的信貸和過(guò)度繁榮房地產(chǎn)已經(jīng)令西班牙元?dú)獯髠�，德�?guó)央行行長(zhǎng)也是極力避免在這兩個(gè)領(lǐng)域步入其后塵。寬松的貨幣政策令魏德曼惴惴不安，唯恐低息環(huán)境滋生德國(guó)房地產(chǎn)泡沫。德國(guó)房?jī)r(jià)曾一度下跌，經(jīng)過(guò)了漫長(zhǎng)的蕭條期后，終于在過(guò)去的幾年里開始攀升(見上圖)。房地產(chǎn)開發(fā)訂單在一年前更是提升了五分之一。
Such anxiety looks premature: house-price rises represent a thawing in the propertypermafrost rather than a market on fire. But if Mr Weidmann is minded to take pre-emptiveaction, he will soon have the means to do so. At present the Bundesbank can preach aboutrisks to financial stability but it cannot impose counter-measures such as setting highercapital requirements for banks or putting constraints on specific types of lending such asmortgages. The authority for implementing these steps lies with BaFin, Germany’s banksupervisor (which is assisted on the ground by Bundesbank staff).
魏德曼的焦躁之態(tài)未免有點(diǎn)操之過(guò)急：房?jī)r(jià)攀升僅表示冰凍的房地產(chǎn)市場(chǎng)正逐步回暖，而非過(guò)熱。但是，若魏德曼先生有先發(fā)制人之意，他不久就會(huì)拿到行事之器。聯(lián)邦銀行目前尚可大肆鼓吹金融穩(wěn)定性的危險(xiǎn)，但卻不能將對(duì)抗措施強(qiáng)加于人——如調(diào)高銀行的資本要求，或限制抵押貸款等特定貸款項(xiàng)目。上述措施能否順利實(shí)施，取決于德國(guó)聯(lián)邦金融監(jiān)管局(BaFin)。而在實(shí)際操作中，這個(gè)德國(guó)的銀行監(jiān)管機(jī)構(gòu)卻是由聯(lián)邦銀行員工協(xié)助運(yùn)轉(zhuǎn)。
This will change under new proposals to set up a joint committee, which will haverepresentatives from the finance ministry and BaFin, but which will give the Bundesbank theleading role and enable it to push through binding directives. The legislation won’t come intoforce until next year, but since it is designed to strengthen his hand, Mr Weidmann wouldprobably be able to get his own way before then.
然而，建議成立聯(lián)合委員會(huì)的新提案一經(jīng)提出，形勢(shì)又將大有不同。要成立聯(lián)合委員會(huì)，須有財(cái)政部和監(jiān)管局(BaFin)的代表參與;監(jiān)管局(BaFin)代表加入委員會(huì)后必定會(huì)將大權(quán)遞交至聯(lián)邦銀行手中，讓提案突破約束指令順利通過(guò)�？闪⒎髂瓴艜�(huì)生效，但鑒于立法旨在堅(jiān)固魏德曼的權(quán)力，魏先生也有可能在立法生效前為所欲為。
The reform is part of a general move to add “macroprudential” instruments to the toolkit ofcentral banks, allowing them to choke off credit excesses while monetary policy is set for theeconomy as a whole. If anything, Germany is treading less far down this path than some othercountries—in Britain, for example, the Bank of England will call the shots through a powerfulnew Financial Policy Committee, which has already started work. Such powers should beparticularly useful in the euro area, providing countries with a national lever to pull if their banksare getting too festive (though Spain’s pre-crisis policy of “dynamic provisioning”, designed toget local banks to set aside more provisions in the good times, cautions against investing toomuch hope in macroprudential tools).
歐元區(qū)各大央行銀行欲將“宏觀審慎”工具納入自己的政策工具包，上述改革不過(guò)是銀行擴(kuò)充工具包大行動(dòng)的一部分而已。這樣一來(lái)，一旦歐洲央行制定的貨幣政策適合于整個(gè)歐元區(qū)，各成員國(guó)央行銀行便可用它來(lái)抑制信貸超額。德國(guó)的改革遠(yuǎn)不如其他國(guó)家進(jìn)行的徹底，舉英國(guó)為例，英國(guó)央行就已借助強(qiáng)大的新金融政策委員會(huì)開始宏觀審慎監(jiān)管。西班牙對(duì)過(guò)多寄希望于宏觀審慎手段持謹(jǐn)慎態(tài)度，特意制定了一項(xiàng)“動(dòng)態(tài)準(zhǔn)備金”預(yù)防制度，該制度要求地方銀行在經(jīng)濟(jì)形勢(shì)大好時(shí)大量計(jì)提準(zhǔn)備金。盡管如此，在歐元區(qū)使用“宏觀審慎”還是尤為有效，歐元區(qū)國(guó)家可在信貸過(guò)熱時(shí)，利用這一操縱杠桿對(duì)銀行進(jìn)行控制。
But in the current climate there is also the danger that such regulations may be used in biggereconomies to grab back power from the ECB. By reducing credit availability national centralbanks can contravene the euro zone’s wider monetary stance. Speaking in New York in lateApril Mr Weidmann said that if monetary policy becomes too expansionary for his homecountry, “Germany has to deal with this using other, national instruments.” If Mr Weidmanndoes use his new powers overzealously that could dash one of the few remaining hopes for thehard-hit peripheral economies: a strong recovery in the euro area, led by Germany.
然而就目前形勢(shì)而言，更大的經(jīng)濟(jì)體為了從歐洲央行手中奪回更多權(quán)力，可能會(huì)采用“動(dòng)態(tài)準(zhǔn)備金”政策。而削減各成員國(guó)央行的信貸可獲量又有違歐元區(qū)的整體貨幣政策。魏德曼先生上個(gè)月在紐約表示，如果歐洲央行的貨幣政策對(duì)德國(guó)而言過(guò)于寬松，“德國(guó)將不得不運(yùn)用其他國(guó)家政策工具來(lái)抵消影響。” 歐元區(qū)邊緣經(jīng)濟(jì)體飽受摧殘，寄希冀于德國(guó)，期待德國(guó)能領(lǐng)導(dǎo)歐元區(qū)強(qiáng)勢(shì)反彈。如果魏德曼真用新權(quán)力呼風(fēng)喚雨，則會(huì)將這些經(jīng)濟(jì)體推向絕望深淵。