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　　A leading expert on economic development and poverty alleviation¹ says the panic that followed the eruption² of the financial crisis last year is probably over. But he warns global financial instability is likely to go on for years because nations have only come up with short-term remedies and have not addressed the structural³ changes needed to reform the economic system.
一位著名的经济发展和扶贫专家说，伴随去年金融危机爆发而来的恐慌可能已经解除。不过，他警告金融市场不稳定的状态可能还将持续数年，主要因为各国政府仅提出短期的解决方案，并未拿出经济体系改革所需要的结构性调整。
The director of the Earth Institute, Jeffrey Sachs, says the panic phase of the current crisis is probably over, as is the fear that the world economy could fall into a depression.
哥伦比亚大学地球研究所(Earth Institute)所长杰弗里.萨克斯(Jeffrey Sachs)说，在当前的经济危机中，人们担心世界经济会陷入大衰退的恐慌阶段可能已经结束。
But while nations have managed to avoid the worst, he says the global economy remains⁴ on average very bad, with the poorest countries living on the edge of survival.
不过，他说，尽管各国做出努力避免经济陷入最糟糕的状态，但是全球经济状况总的来说仍然很坏，最贫穷国家的人民仍然挣扎在生死线上。
Sachs blames the financial crisis on a disastrously⁵ bad monetary⁶ policy and disastrously poor financial regulation.
萨克斯指责极其糟糕的货币政策和极为松散的金融监管是导致这次金融危机的主因。
"The crisis has its epicenter in Wall Street. If I had to point to one clear trigger of this crisis, it was the emergence⁷ of a ... completely failed and inappropriate credit default swap⁸ market, which went from zero to $62 trillion in seven years without a single regulator paying attention to it. And, that CDS market, the Credit Default Swap Market, was a kind of fairy dust that was sprinkled over the world financial system to make believe that toxic⁹ assets were safes," said Sachs.
他说：“这次危机的震中在华尔街。假如我必须清楚地指出一个引发危机的导火线，那就是一个一败涂地、不合时宜的信用违约掉期市场的出现。在过去七年里，信用违约掉期的市场规模从零发展到62万亿美元，却完全没有任何一个监管机构来监督它。信用违约掉期市场就像是撒在世界金融系统上的一层仙尘妖雾，使人们错误地相信这些有毒资产是安全的。”
He says it is unclear whether governments will get a properly regulated system that will be safer for everybody. He also expresses his disdain¹⁰ for the multimillion-dollar bonuses corporate¹¹ executives receive and fears this practice will continue.
萨克斯说，各国政府是否会适当监管金融体系，使这个体系对于每个人来说都更加安全，目前还不清楚。萨克斯也表示他十分不屑那些企业高管领取数以百万美元计的奖金，他担心这种情况将会一直持续下去。
Sachs is a strong proponent¹² of environmentally friendly technology. When the financial crisis hit last year, he says many people looked forward to a so-called green recovery.
萨克斯是环保技术的大力支持者。他说，去年金融危机发生的时候，许多人都期待环保产业能带动一个所谓的绿色复苏。
He says they thought increased investment in new technology aimed at climate change mitigation and environmental conservation would salvage¹³ the global economy.
他说，许多人认为，增加对新技术的投资以减缓气候变化和加强环境保护，将拯救全球经济。
"This has not occurred. There has been no green recovery. There has been no significant investment in renewable energy sources. No major increase in sustainable infrastructure¹⁴. What has happened is that the panic has been broken through very expansionary monetary and fiscal¹⁵ policies, but not through structural change," Sachs said.
“可是这种情况并没有发生。根本没有所谓的绿色复苏。可再生能源领域也没有出现重大投资。可持续的基础设施也没有大幅增加。人们的恐慌由于政府施行极度扩张性的货币政策和财政政策而解除，并非是因为出现了结构性的改变。”
He says governments have not come up with real structural change that can give a perspective over the course of years and decades.
他说，各国政府并没有为今后几年或几十年的远景规划提出真正的结构性调整。
He says there are no coherent policies linking the macroeconomics, the environmental concerns, and the development concerns. Therefore, he says the world economy remains highly unbalanced and highly fragile.
萨克斯说，政府也没有制定出任何把宏观经济、环境保护和发展考量融为一体的统筹性政策。因此，他表示，世界经济仍将继续维持在一个高度不平衡和极为脆弱的状态。