voa标准英语2008-Interest Rate Cuts, Job Losses Hit European Mark

It is another nervous day on the trading floors in Europe as various European banks dropped interest rates again. The move is designed to address fears that Europe could get caught up in a deep and difficult recession, spanning all of 2009.
　

President of the European Central Bank, ECB, Jean-Claude Trichet

The European Central Bank cut interest rates by 0.75 percent - its biggest ever move and its third cut in two months.

Recent economic data in the 15-nation Eurozone has been grim and many European countries have been calling for this latest drop.

Elsewhere in Europe, even stronger medicine was administered. The Swedish Central Bank cut rates by 1.75 points - a record there. In London, the Bank of England dropped rates one percent to a level not seen since 1951.

Economist¹ George Johns from Barclays Capital says the move has not come as a surprise to those in London's financial district.

"The city was expecting something in the region of a percentage point cut," he said. "That is what we got. I think looking ahead, we are going to see more decisive action from the bank and I would see rates falling perhaps another percentage point over the coming months to a one-percentage trough."

As is the case elsewhere in Europe, the British economy is stagnant² and real estate, in particular, is taking a big hit. Throughout Britain, home foreclosures are increasing and mortgage lending is down a massive 70 percent from one year ago.

Michael Coogan from the Council of Mortgage Lenders says the hope is most of this latest cut will be passed on to help get the property market moving again, but as he points out, there is also a downside for savers.

"I think where lenders can pass it on to borrowers they will," he said. "But actually the moral obligation to the very many savers who rely on investment income, charities similarly, they are going to want their savings³ rate to be kept up. And indeed for economic purposes, we want savings rates to be kept up to encourage savings because it is the savings money that can be lent out next year."

Beside the interest rate drops, the markets here were again influenced by a series of job cuts.

Banking⁴ giant Credit Suisse announced it is eliminating another 5,300 jobs after revealing a net loss of $2.5 billion in October and November.

In London, the Japanese financial group Nomura says it will cut up to 1,000 jobs in its British operation. Earlier this year, Nomura bought parts of the failed U.S. bank, Lehman Brothers.

1 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

2 stagnant   

adj.不流动的，停滞的，不景气的

参考例句：

• Due to low investment,industrial output has remained stagnant.由于投资少，工业生产一直停滞不前。
• Their national economy is stagnant.他们的国家经济停滞不前。

3 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

4 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。