2015考研英语阅读以整体思维设计欧洲债券_大学英语阅读

2015考研英语阅读以整体思维设计欧洲债券

　　Eurobonds, shorthand for euro-area sovereign debts that are jointly guaranteed by the 17member countries, could provide a solution. In aggregate, the public finances of thecurrency block compare favourably with countries such as America which can borrow atdirt-cheap rates . But replacing all national government bonds with collectively underwrittendebt is a non-starter. A fully mutualised euro-zone debt market would be enormousat 8trillion Euro, not far short of America sand thus very liquid.

　　欧洲债券是欧元区主权债券的缩写。这种由十七个国家联合担保的债券可能为解决欧债危机提供某种出路。总的来看，欧元区集团的公共财政状况与美国相比毫不逊色，但是却无法享受到后者那种以极低的利率借款的好处。。但因此取消欧元区所有国家的政府债券，并代之以各国共同承保的欧洲债券，无疑又是不现实的。一个完全统一的欧元区债券市场将极为庞大市值约为8万亿欧元，接近美国债券市场的规模从而也将极具流动性。

　　That would lower average borrowing costs a bit. But the big gains through lower yields wouldgo to the block s fiscal sinners , while the good guys would becharged more to tap the markets than they are now. Such a move risks undermining the euroarea s public finances in the long run by taking pressure off renegades. To prevent that,national budgets would have to be tightly controlled at a euro-zone level, entailing muchdeeper political integration than is currently conceivable.