1.The fact that Asian currencies make up only33% of totai
foreign-exchange reserves indicate how far Asia still lags infinancial matters.
亚洲货币在外汇储备总额中仅仅占有33%的这个事实表示亚洲在财务事宜方面仍然落后。
2. Rich countries’growthrates are likely to be squeezed over the next decade as huge household debtsdampen spending, government debt and higher taxes blunt incentives work andinvest.
由于巨大的家庭债务抑制支出,国债和较高的税收使刺激工作和投资减弱,发达国家的增长率可能在未来十年内被挤压.
3.The complex reactions in both countriesreflect the fact that China still lags behind Japan in many respects-and thereality ?thattheir growing interdependence makes them partners as much as rivals。
这两个国家的复杂反应反映了一个事实,即中国在许多方面仍然落后于日本,以及它们相互依赖的程度日益加深的事实使他们的合作伙伴和竞争对手一样多。
4.The notion of Japan as a center of creativity and innovation-in hybrid-engine-power edcars or 3-D video games-contrasts with its image 20 years ago as a copycat that mimicked design and technology pioneered elsewhere,?and then outpowered the original makers with superior manufacturing.
日本的概念是以创造力和在混合动力引擎的动力汽车或3-D 游戏方面的改革为中心的。
与20年前作为一个模仿设计和技术开创了其他领域然后用更优越的制造超越原创者的盲目模仿者形成鲜明的对比。
5.Consequently every measurement of consumer confidence suggests attitudes consistent with an even more prolonged recession as the surge of government spending from the stimulus program and the need for companies to?Build back some inventory peter out.
因为经济刺激计划和企业需要在一些库存减少后修建导致政府开支的激增,因此每一次测量消费者信心表明消费者看法与一个较长期的经济衰退相一致。
6.The expection for the next several years is of even more financial trauma,chronically high unemployment, and poor economic performance reflected in constraints on discretionary spending and credit, and housing attitudes that will likely remain negative for many years.
未来数年的预期具有更多的金融创伤,长期的高失业率和糟糕的经济表现表现在约束可自由支配的个人开支和信贷,住房供给的看法上,这很可能将会维持很多年
7.The unwinding of monetary accommodation, though necessary and already under way in major emerging markets and some advanced economies, may need to wait in the major advanced economies, in favor of fiscal adjustment and the withdrawal of emergency support to the financial sector.
解除宽松的货币政策虽然是必要的并且已经正在主要新兴市场和一些先进经济
体进行,但是在主要发达经济体可能需要等待,它赞成金融机构的财政调整和退出对财政部门的紧急支援。
8. But inthe emerging markets, monetary tightening could be complicated, as it wouldattract more capital inflows, As well as leading to exchange rate appreciationand undermining competitiveness, this could encourage a buildup of assetbubbles and undermine financial stability. 但在新兴市场,紧缩性的货币政策可能会很复杂,因为这将吸引更多的资本流入,以及导致汇率升值,逐渐虚弱竞争力,这可能会促使资产泡沫的形成并破坏金融稳定性。
9.Monetary union can’t survive without something very close to political union, including free mobility of labor to nations where jobs are more available, flexible wages, a tax system that transfers funds from the winners to the losers, and strict rules preventing members from running up big budget deficits.
如果没有一些和政治同盟非常接近的事物那么货币联盟不可能存活下去,包括劳动力向工作更加有效,工资更有弹性,把资金从成功者的手中转移到失败者手中的税收制度的国家自由流动,并且严格的制度保证各成员不受逐渐高涨的巨大的预算赤字的影响。
10.If the euro zone were to break up, it wouldmake sense for member nations to regroup in more defensible configurations-onesmore nearly resembling the optimal currency areas described by Columbia’s Mundell.哥伦比亚大学的蒙代尔这样描述:如果欧元区瓦解,重组一个更具防御性的布局对成员国是有意义的-又一个几乎类似最优货币区的布局。