2015考研英语阅读世界经济_大学英语阅读

2015考研英语阅读世界经济

　　European politicians are unlikely to cough up more, so much discussion behind the scenes isabout how to lever up the rescue facility. Daniel Gros of the Centre for European PolicyStudies and Thomas Mayer of Deutsche Bank think the EFSF should be registered as a bankand allowed to borrow from the ECB, using the government bonds it buys as collateral. Thatkind of arms-length arrangement, they argue, would be much better than having the ECBbuy bonds itself, and would give the EFSF huge firepower. Conservative central bankersworry that it would still break the rule that bans direct purchases by the ECB, in spirit at least.

　　欧洲政客不愿意被迫支付更多，秘密地讨论如何抬高救援额度。欧洲政策研究中心的丹尼尔格罗斯和德意志银行的托马斯梅耶尔认为，欧洲金融稳定机构应该以银行资质进行注册并且能够将其购买的国债作为抵押从欧洲中央银行贷款。他们认为，这种保持距离的安排将比欧洲中央银行自己购买国债要好很多，而且将给予欧洲金融稳定机构更大的能力。保守的央行行长们担心这仍将会破坏禁止欧洲中央银行直接购买债券的规定，至少在精神上破坏了规矩。

　　An alternative, quietly touted by some North American officials, is to tempt investors intobuying bonds by giving them access to non-recourse loans from the ECB. The model isanother American innovation from the financial crisisthe Term Asset-Backed SecuritiesLoan Facility, or TALF. Soft loans from the Fed were designed to tempt investors into buyingsecurities; the Treasury promised to take the first tranche of any losses, thus protecting theFed. In a European version, cheap, non-recourse loans would encourage investors to buyItalian or Spanish bonds and bring down yields. The ECB would provide leverage, but anyinitial losses would be borne by the EFSF. The facilitys resources would be magnified,private investors would be drawn in and the price of bonds would still be set by the market.