Eurozone Leaders Try Again to Resolve Debt Crisis

 For more than two years, Europe's 17-nation euro currency bloc¹ has grappled with containing its burgeoning² governmental debt crisis. Its leaders often took half-steps they thought surely would calm international financial markets worried about the fate of the euro and solve the financial problems of the latest country that was strangled in debts of its own making.

And then the eurozone financial chieftains and heads of state would return to yet another summit weeks or months later and try to resolve the crisis once more when their earlier actions proved to be insufficient³.

With that history in the books, Europe's leaders tried again in Brussels this week. This time, they took what some believe are more decisive measures to quell⁴ the immediate⁵ surge in borrowing costs for Italy and Spain, the eurozone's third and fourth largest economies. But they also set the currency bloc on a path toward a more unified⁶ monetary⁷ union, rather than just a collection of countries that happen to use the euro.

Stock markets across the world cheered Friday, with indexes up sharply. Interest rates on Italy's and Spain's bonds dropped from the levels that have forced Greece, Ireland and Portugal to secure international bailouts in the last two years.

Europe's leaders applauded their collective actions, and in Washington, the White House said it welcomed the news as well. But whether it is enough to finally turn the corner on the crisis, no one was quite sure, what with numerous details to work out on defining just how centralized control of banking⁸ in the eurozone would work and what would be the shape of the "genuine monetary union" eurozone leaders said they want to create.

British Prime Minister David Cameron, whose country is outside the currency union but deeply affected⁹ by its economic performance, said he thought the steps taken are substantial, yet acknowledged that much more work is ahead.

"If you want a single currency to succeed you need institutions that absolutely stand behind it," said Cameron.  "In Britain you have the Bank of England standing¹⁰ behind the currency, doing what is necessary to safeguard the financial system, you need that in Europe too. I think last night was significant, but I have been to enough of these summits to know that Rome, Europe, none of these things was built in a day, there will be other steps that are required."

European leaders have heightened their calls for Germany, the eurozone's most potent¹¹ economic force, to do more to help its economically weaker neighbors, but Merkel and her countrymen have been reluctant to take on the financial burdens of other countries that have not adhered to the financial restraints that Germany favors.

Cameron was sympathetic to his German counterpart's predicament. 

"Angela Merkel is being asked to do some things that are difficult for her to deliver," Cameron added.  "The German people have worked incredibly hard to make their economy competitive, to pay down their debts, to do all of the right things and it is all very difficult when they are then asked to do even more to support countries that might not have done all of those things."

1 bloc   

n.集团；联盟

参考例句：

• A solid bloc of union members support the decision.工会会员团结起来支持该决定。
• There have been growing tensions within the trading bloc.贸易同盟国的关系越来越紧张。

2 burgeoning   

adj.迅速成长的，迅速发展的v.发芽，抽枝( burgeon的现在分词 )；迅速发展；发（芽），抽（枝）

参考例句：

• Our company's business is burgeoning now. 我们公司的业务现在发展很迅速。 来自《简明英汉词典》
• These efforts were insufficient to contain the burgeoning crisis. 这些努力不足以抑制迅速扩散的危机。 来自辞典例句

3 insufficient   

adj.(for，of)不足的，不够的

参考例句：

• There was insufficient evidence to convict him.没有足够证据给他定罪。
• In their day scientific knowledge was insufficient to settle the matter.在他们的时代，科学知识还不能足以解决这些问题。

4 quell   

v.压制，平息，减轻

参考例句：

• Soldiers were sent in to quell the riots.士兵们被派去平息骚乱。
• The armed force had to be called out to quell violence.不得不出动军队来镇压暴力行动。

5 immediate   

adj.立即的；直接的，最接近的；紧靠的

参考例句：

• His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
• We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。

6 unified   

(unify 的过去式和过去分词)； 统一的； 统一标准的； 一元化的

参考例句：

• The teacher unified the answer of her pupil with hers. 老师核对了学生的答案。
• The First Emperor of Qin unified China in 221 B.C. 秦始皇于公元前221年统一中国。

7 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

8 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

9 affected   

adj.不自然的，假装的

参考例句：

• She showed an affected interest in our subject.她假装对我们的课题感到兴趣。
• His manners are affected.他的态度不自然。

10 standing   

n.持续，地位；adj.永久的，不动的，直立的，不流动的

参考例句：

• After the earthquake only a few houses were left standing.地震过后只有几幢房屋还立着。
• They're standing out against any change in the law.他们坚决反对对法律做任何修改。

11 potent   

adj.强有力的，有权势的；有效力的

参考例句：

• The medicine had a potent effect on your disease.这药物对你的病疗效很大。
• We must account of his potent influence.我们必须考虑他的强有力的影响。