VOA标准英语2009年-Global Financial Instability Expected to C

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.
　
Economist⁴ Jeffrey Sachs directs Colombia University's Earth Institute

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.

But while nations have managed to avoid the worst, he says the global economy remains⁵ on average very bad, with the poorest countries living on the edge of survival.

Sachs blames the financial crisis on a disastrously⁶ bad monetary⁷ policy and disastrously poor financial regulation.

"The crisis has its epicenter in Wall Street. If I had to point to one clear trigger of this crisis, it was the emergence⁸ of a ... completely failed and inappropriate credit default swap⁹ 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 toxic¹⁰ assets were safes," said Sachs.

He says it is unclear whether governments will get a properly regulated system that will be safer for everybody. He also expresses his disdain¹¹ for the multimillion-dollar bonuses corporate¹² executives receive and fears this practice will continue.

Sachs is a strong proponent¹³ of environmentally friendly technology. When the financial crisis hit last year, he says many people looked forward to a so-called green recovery.

He says they thought increased investment in new technology aimed at climate change mitigation and environmental conservation would salvage¹⁴ the global economy.

"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 infrastructure¹⁵. What has happened is that the panic has been broken through very expansionary monetary and fiscal¹⁶ policies, but not through structural change," Sachs said.

He says governments have not come up with real structural change that can give a perspective over the course of years and decades.

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.

1 alleviation   

n. 减轻，缓和，解痛物

参考例句：

• These were the circumstances and the hopes which gradually brought alleviation to Sir Thomas's pain. 这些情况及其希望逐渐缓解了托马斯爵士的痛苦。
• The cost reduction achieved in this way will benefit patients and the society in burden alleviation. 集中招标采购降低的采购成本要让利于患者，减轻社会负担。 来自英汉 - 翻译样例 - 口语

2 eruption   

n.火山爆发；（战争等）爆发；（疾病等）发作

参考例句：

• The temple was destroyed in the violent eruption of 1470 BC.庙宇在公元前1470年猛烈的火山爆发中摧毁了。
• The eruption of a volcano is spontaneous.火山的爆发是自发的。

3 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。

4 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。

5 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

6 disastrously   

ad.灾难性地

参考例句：

• Their profits began to spiral down disastrously. 他们的利润开始螺旋形地急剧下降。
• The fit between the country's information needs and its information media has become disastrously disjointed. 全国的信息需求与信息传播媒介之间的配置，出现了严重的不协调。

7 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

8 emergence   

n.浮现，显现，出现，（植物）突出体

参考例句：

• The last decade saw the emergence of a dynamic economy.最近10年见证了经济增长的姿态。
• Language emerges and develops with the emergence and development of society.语言是随着社会的产生而产生，随着社会的发展而发展的。

9 swap   

n.交换；vt.交换，用...作交易

参考例句：

• I will swap you my bicycle for your radio.我想拿我的自行车换你的收音机。
• This comic was a swap that I got from Nick.这本漫画书是我从尼克那里换来的。

10 toxic   

adj.有毒的，因中毒引起的

参考例句：

• The factory had accidentally released a quantity of toxic waste into the sea.这家工厂意外泄漏大量有毒废物到海中。
• There is a risk that toxic chemicals might be blasted into the atmosphere.爆炸后有毒化学物质可能会进入大气层。

11 disdain   

n.鄙视，轻视；v.轻视，鄙视，不屑

参考例句：

• Some people disdain labour.有些人轻视劳动。
• A great man should disdain flatterers.伟大的人物应鄙视献媚者。

12 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。

13 proponent   

n.建议者；支持者；adj.建议的

参考例句：

• Stapp became a strong early proponent of automobile seat belts.斯塔普是力主在汽车上采用座椅安全带的早期倡导者。
• Halsey was identified as a leading proponent of the values of progressive education.哈尔西被认为是进步教育价值观的主要支持者。

14 salvage   

v.救助，营救，援救；n.救助，营救

参考例句：

• All attempts to salvage the wrecked ship failed.抢救失事船只的一切努力都失败了。
• The salvage was piled upon the pier.抢救出的财产被堆放在码头上。

15 infrastructure   

n.下部构造，下部组织，基础结构，基础设施

参考例句：

• We should step up the development of infrastructure for research.加强科学基础设施建设。
• We should strengthen cultural infrastructure and boost various types of popular culture.加强文化基础设施建设，发展各类群众文化。

16 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。