经济学人:自由兑换:欧元区的经常账户盈余(3)

 　　The current-account deficits¹ in the euro zone's crisis countries were of the worrying kind. That they have shrunk or reversed is comforting. 欧元区危机国家的经常账户赤字是属于让人担心的那一种。他们的赤字已有收缩，趋势扭转也令人欣慰。

　　This has happened largely through increases in exports, suggesting that competitiveness has improved. 这种现象主要发生在增加出口的过程中，意味着竞争力提高了。

　　(Much of Ireland's huge surplus reflects multinationals² domiciling their intellectual property in the country （爱尔兰巨额盈余反映出跨国公司选择在爱尔兰对他们的知识产权进行注册

　　to take advantage of its low corporate³ taxes, boosting its exports.) 以此享受这个国家低额的公司税，促进其出口。）

　　In Greece, where eight years of crisis and austerity have squeezed consumption and investment, 在希腊，八年危机和紧缩压榨了国家的消费和投资，

　　imports have borne a greater part of the adjustment. They are more than 25% lower than in 2007. 进口也受到大调整。相比2007年，出口减少超过25%。

　　The adjustment was particularly painful because, as members of a single-currency bloc⁴ with low inflation, 调整尤为痛苦，因为作为低通货膨胀单一货币区成员，

　　crisis-hit countries had to devalue their real exchange rates by cutting wages and domestic demand and employment. 遭遇危机的国家不得不通过降低工资、国内需求以及就业来贬值他们的实际汇率。

　　And the zone's growing aggregate⁵ surplus points to another exacerbating⁶ factor: Germany's excess of saving over investment kept rising, 该区域增长的总盈余指向了另一个激发因素：由于德国向欧元区以外的国家增加贷款和出口，

　　as it increased lending and exports to countries outside the zone. 德国储蓄超过投资的部分还在继续增长。

　　If instead Germany had expanded domestic demand, others' relative price adjustments could have been less painful. 如果德国扩大国内需求，那么其他相对价格调整或许就没有那么痛苦了。

　　A paper by Olivier Blanchard, Christopher Erceg and Jesper Linde, published in 2015, 奥利维尔·布兰查德、克里斯托弗以及杰斯珀·林德于2015年发表的论文发现

　　finds that higher German inflation could make other countries' goods and services relatively⁷ cheap, making it easier for crisis countries to adjust. 德国更高的膨胀可能会让其他国家的商品和服务相对便宜，使其他危机国家的调整更加容易。

　　The effect is particularly strong when interest rates have to remain low to stimulate⁸ the economy. 在需要将利率维持在低水平以刺激经济的情况下，这种效果尤为强烈。

　　Some German economists⁹, notably¹⁰ at the Bundesbank, have long argued that this is irrelevant¹¹: 一些德国经济学家，尤其是德国中央银行的经济学家一直以来都争辩称两者之间毫不相干：

　　it is up to profligate¹² southerners, not prudent¹³ Germans, to adjust; and fiscal¹⁴ expansion will not boost demand for euro-area imports directly. 调整取决于恣意挥霍的南方人，而非节俭的德国人；并且财政扩张不会直接促进欧元区的进口需求。

1 deficits   

n.不足额( deficit的名词复数 )；赤字；亏空；亏损

参考例句：

• The Ministry of Finance consistently overestimated its budget deficits. 财政部一贯高估预算赤字。 来自《简明英汉词典》
• Many of the world's farmers are also incurring economic deficits. 世界上许多农民还在遭受经济上的亏损。 来自辞典例句

2 multinationals   

跨国公司( multinational的名词复数 )

参考例句：

• These local companies are only small fry compared with the huge multinationals. 同那些跨国公司比，这些当地的公司不过是小鱼小虾。
• Some people believe that the multinationals have too much power. 有人认为跨国公司的权力太大了。

3 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

4 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。

5 aggregate   

adj.总计的，集合的；n.总数；v.合计；集合

参考例句：

• The football team had a low goal aggregate last season.这支足球队上个赛季的进球总数很少。
• The money collected will aggregate a thousand dollars.进帐总额将达一千美元。

6 exacerbating   

v.使恶化，使加重( exacerbate的现在分词 )

参考例句：

• This pedagogical understretch is exacerbating social inequalities. 这种教学张力不足加重了社会不平等。 来自互联网
• High fertilizer prices are exacerbating the problem. 高涨的肥料价格更加加剧了问题的恶化。 来自互联网

7 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。

8 stimulate   

vt.刺激，使兴奋；激励，使…振奋

参考例句：

• Your encouragement will stimulate me to further efforts.你的鼓励会激发我进一步努力。
• Success will stimulate the people for fresh efforts.成功能鼓舞人们去作新的努力。

9 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

10 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。

11 irrelevant   

adj.不恰当的，无关系的，不相干的

参考例句：

• That is completely irrelevant to the subject under discussion.这跟讨论的主题完全不相关。
• A question about arithmetic is irrelevant in a music lesson.在音乐课上，一个数学的问题是风马牛不相及的。

12 profligate   

adj.行为不检的；n.放荡的人，浪子，肆意挥霍者

参考例句：

• This young man had all the inclination to be a profligate of the first water.这个青年完全有可能成为十足的浪子。
• Similarly Americans have been profligate in the handling of mineral resources.同样的，美国在处理矿产资源方面亦多浪费。

13 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。

14 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。