经济学人:欧元区改革: 中肯的提议(2)

 　　The Franco-German compromise gives the nod to various proposals from the European Commission. 法德做出妥协，认可欧洲委员会的各种提议。

　　The first involves reforms to the euro zone's sovereign bailout fund, the European Stability Mechanism¹ (ESM). 首先是欧元区主权救助基金，欧洲稳定机制（ESM）的改革。

　　It would act as a backstop to its bank-resolution board, beefing up banking² union. 这一改革就像是银行清算委员会的支撑板一样，巩固了银行联盟。

　　And countries that have been prudent³, but suffer an economic shock, 财政拘谨但却遭遇经济冲击的国家

　　would be given access on relatively⁴ lenient⁵ terms to a precautionary line of funding, so they could seek money before they lose access to the markets. 在寻求预防性资金额度时，将被给予相对宽松的条款，这样他们可以在失去市场前筹到资金。

　　So far most ESM lending has been to countries already cut off from markets, and conditional⁶ on implementing⁷ tough structural⁸ reforms. 到目前为止，申请ESM贷款的国家，多半已切断了和市场的联系，他们有执行严格制度改革的条件。

　　All this would be a step forward, says Guntram Wolff of Bruegel, a think-tank. But he thinks the reforms should go further. 所有这些都是一种迈进，智囊团Bruegel的成员贡特拉姆·沃尔夫说道。但是他认为改革应该更进一步。

　　The French and Germans agreed to keep the governance of the bail-out fund unchanged. But it is too complicated. 法国和德国同意继续维持应急基金不变。但是这过于复杂。

　　In order for it to be tapped, finance ministers must reach unanimous agreement. 为了得到实施，财政部长们必须达成一致意见。

　　National laws mean that parliaments in some countries, notably⁹ Germany, must grant their approval. 国家法律意味着一些成员国的议会，尤其是德国，必须批准同意。

　　That could stop the fund winding¹⁰ down a failed bank swiftly over a weekend, as it may need to. 如果需要的话，可以在一周内阻止基金使破产银行迅速松懈。

　　But the Germans insisted on national control, saying that it has not held up decision-making so far. 但是德国坚持国家控制，称他们目前还没有做出决策。

　　Their reservations also stymied¹¹ immediate¹² progress towards a common deposit-insurance scheme. 他们的保留也阻碍了共同存款保险计划的即刻进程。

　　Mr. Juncker had hoped to soothe¹³ northerners' fears with a gradual implementation¹⁴ 容克希望能够安抚北方逐步执行改革的恐惧

　　during which the common fund would lend to national schemes in times of trouble. 其间共同基金将在患难时期为国家方案提供资金。

　　His hope that banking union would be complete by 2019 now seems unrealistic. 他希望于2019年前完备银行联盟，现在看来这似乎是不现实的。

　　A proposal from the commission to create securities backed by a pool of sovereign bonds has been nixed. 委员会创建有价债券并利用有价债券支撑主权债券的提议已被拒绝。

　　Without it, banks will have little incentive¹⁵ to diversify¹⁶ sovereign risk. 没有有价债券，银行会失去使主权债券多样化的动机。

　　Mr. Macron's prize is a concession¹⁷ from Germany on the euro-zone budget. For the first time, the French point out, 马克龙的战利品来自于德国就欧元区预算做出的妥协。法国指出，

　　Germany has acknowledged that macroeconomic stabilisation is not a matter for national governments only, but a common concern. 德国首次承认宏观经济的稳定不仅仅是国家政府的问题，也是一个普遍关注的问题。

1 mechanism   

n.机械装置；机构，结构

参考例句：

• The bones and muscles are parts of the mechanism of the body.骨骼和肌肉是人体的组成部件。
• The mechanism of the machine is very complicated.这台机器的结构是非常复杂的。

2 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。

3 prudent   

adj.谨慎的，有远见的，精打细算的

参考例句：

• A prudent traveller never disparages his own country.聪明的旅行者从不贬低自己的国家。
• You must school yourself to be modest and prudent.你要学会谦虚谨慎。

4 relatively   

adv.比较...地，相对地

参考例句：

• The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
• The operation was relatively painless.手术相对来说不痛。

5 lenient   

adj.宽大的，仁慈的

参考例句：

• The judge was lenient with him.法官对他很宽大。
• It's a question of finding the means between too lenient treatment and too severe punishment.问题是要找出处理过宽和处罚过严的折中办法。

6 conditional   

adj.条件的，带有条件的

参考例句：

• My agreement is conditional on your help.你肯帮助我才同意。
• There are two forms of most-favored-nation treatment:conditional and unconditional.最惠国待遇有两种形式:有条件的和无条件的。

7 implementing   

v.实现( implement的现在分词 )；执行；贯彻；使生效

参考例句：

• -- Implementing a comprehensive drug control strategy. ――实行综合治理的禁毒战略。 来自汉英非文学 - 白皮书
• He was in no hurry about implementing his unshakable principle. 他并不急于实行他那不可动摇的原则。 来自辞典例句

8 structural   

adj.构造的，组织的，建筑（用）的

参考例句：

• The storm caused no structural damage.风暴没有造成建筑结构方面的破坏。
• The North American continent is made up of three great structural entities.北美大陆是由三个构造单元组成的。

9 notably   

adv.值得注意地，显著地，尤其地，特别地

参考例句：

• Many students were absent,notably the monitor.许多学生缺席，特别是连班长也没来。
• A notably short,silver-haired man,he plays basketball with his staff several times a week.他个子明显较为矮小，一头银发，每周都会和他的员工一起打几次篮球。

10 winding   

n.绕，缠，绕组，线圈

参考例句：

• A winding lane led down towards the river.一条弯弯曲曲的小路通向河边。
• The winding trail caused us to lose our orientation.迂回曲折的小道使我们迷失了方向。

11 stymied   

n.被侵袭的v.妨碍，阻挠( stymie的过去式和过去分词 )

参考例句：

• Relief efforts have been stymied in recent weeks by armed gunmen. 最近几周的救援工作一直受到武装分子的阻挠。 来自辞典例句
• I was completely stymied by her refusal to help. 由于她拒不相助， 我完全陷入了困境。 来自互联网

12 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。

13 soothe   

v.安慰；使平静；使减轻；缓和；奉承

参考例句：

• I've managed to soothe him down a bit.我想方设法使他平静了一点。
• This medicine should soothe your sore throat.这种药会减轻你的喉痛。

14 implementation   

n.实施，贯彻

参考例句：

• Implementation of the program is now well underway.这一项目的实施现在行情看好。

15 incentive   

n.刺激；动力；鼓励；诱因；动机

参考例句：

• Money is still a major incentive in most occupations.在许多职业中，钱仍是主要的鼓励因素。
• He hasn't much incentive to work hard.他没有努力工作的动机。

16 diversify   

v.（使）不同，（使）变得多样化

参考例句：

• Our company is trying to diversify.我们公司正力图往多样化方面发展。
• Hills and woods diversify the landscape.山陵和树木点缀景色。

17 concession   

n.让步，妥协；特许(权)

参考例句：

• We can not make heavy concession to the matter.我们在这个问题上不能过于让步。
• That is a great concession.这是很大的让步。