经济学人:自由兑换:欧元区的经常账户盈余(4)

 　　Still, this uneven¹ adjustment in the euro area could explain why both demand and inflation, 欧元区内的这种不均匀调整还能够解释，为什么一旦能源和食物价格被排除在外，

　　once energy and food prices are excluded, have been stubbornly low. 需求和膨胀就会低迷不振。

　　Since crisis countries still need to reduce their stocks of external liabilities (ie, the accumulation of past current-account deficits²) 危机国家仍然需要减少他们的对外负债持股（比如，以前那些经常账户赤字的积累）

　　and public-sector debt, that looks set to continue. 以及公共部门债务，这种情况似乎还将继续。

　　John Maynard Keynes recognised the risk of such asymmetry³ in the 1940s: 在上世纪40年代，对于这种不对称的风险，约翰·梅纳德·凯恩斯是这么认为的：

　　"The process of adjustment is compulsory⁴ for the debtor⁵ and voluntary for the creditor⁶. “调整进程，对债务人而言是强制的，对债权人来说是自愿的。

　　If the creditor does not choose to make, or allow, his share of the adjustment, he suffers no inconvenience." 如果债权人没有选择或允许对他的份额做出调整，那么他不会遇到任何麻烦。”

　　Keynes wanted to tax countries that hoarded⁷ trade surpluses. 凯恩斯希望对储存贸易盈余的国家征税。

　　In 2011 the European Commission set up a "macroeconomic-imbalance procedure" to tackle the problem. 为了解决这个问题，2011年欧洲委员会制定了“宏观经济失衡程序”。

　　But the process appears to place less weight on surpluses than on deficits and lacks the means to enforce its recommendations. 但是这个程序的重点似乎在于赤字而非盈余上，且缺乏强制推行的方法。

　　Another way of dealing⁸ with imbalances would be to encourage greater risk-sharing through fiscal⁹ and (deeper) banking¹⁰ union. 解决失衡问题的另一种方法将会是通过财政和银行联盟鼓励更大的风险分担。

　　The euro zone would become more like America, where inter-state imbalances are not even recorded. 欧元区将变得更像美国，国与国之间的失衡甚至不会被记载下来。

　　But that too seems politically infeasible. The euro area's long slog will carry on, and debtor countries will bear the burden. 但是这似乎在政治上是不可行的。欧元区将继续坎坷道路，债权国将承担责任。

1 uneven   

adj.不平坦的，不规则的，不均匀的

参考例句：

• The sidewalk is very uneven—be careful where you walk.这人行道凹凸不平—走路时请小心。
• The country was noted for its uneven distribution of land resources.这个国家以土地资源分布不均匀出名。

2 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

3 asymmetry   

n.不对称；adj.不对称的，不对等的

参考例句：

• These bands must introduce longitudinal asymmetry in the planetary albedo.这些云带必定引起行星反照率的经向不对称性。
• In any event the asymmetry is clear enough.总之，不对称是非常明显的。

4 compulsory   

n.强制的，必修的；规定的，义务的

参考例句：

• Is English a compulsory subject?英语是必修课吗？
• Compulsory schooling ends at sixteen.义务教育至16岁为止。

5 debtor   

n.借方，债务人

参考例句：

• He crowded the debtor for payment.他催逼负债人还债。
• The court granted me a lien on my debtor's property.法庭授予我对我债务人财产的留置权。

6 creditor   

n.债仅人，债主，贷方

参考例句：

• The boss assigned his car to his creditor.那工头把自己的小汽车让与了债权人。
• I had to run away from my creditor whom I made a usurious loan.我借了高利贷不得不四处躲债。

7 hoarded   

v.积蓄并储藏（某物）( hoard的过去式和过去分词 )

参考例句：

• It owned great properties and often hoarded huge treasures. 它拥有庞大的财产，同时往往窖藏巨额的财宝。 来自辞典例句
• Sylvia among them, good-naturedly applaud so much long-hoarded treasure of useless knowing. 西尔维亚也在他们中间，为那些长期珍藏的无用知识，友好地、起劲地鼓掌。 来自互联网

8 dealing   

n.经商方法，待人态度

参考例句：

• This store has an excellent reputation for fair dealing.该商店因买卖公道而享有极高的声誉。
• His fair dealing earned our confidence.他的诚实的行为获得我们的信任。

9 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。

10 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。