output
stringlengths 1
913
| input
stringlengths 1
1.03k
| instruction
stringclasses 2
values |
|---|---|---|
華盛頓—歐盟和美國之間關於成立跨大西洋貿易和投資合作伙伴（TTIP）的談判受到了廣泛的歡迎。 | WASHINGTON, DC – The negotiations to create a Transatlantic Trade and Investment Partnership between the European Union and the United States are being widely welcomed. | 翻譯成中文。 |
英國首相卡梅倫將TTIP稱為“一代人只有一次的機會”，認為它將給歐盟和美國各帶來800億英鎊的潛在收益，給世界其他地區帶來850億英鎊的潛在收益。 | British Prime Minister David Cameron has called the TTIP a “once-in-a-generation prize,” citing potential gains of £80 billion ($125.5 billion) each for the EU and the US and £85 billion for the rest of the world. | 翻譯成中文。 |
For a world weary of waiting for the World Trade Organization’s interminable Doha trade round to conclude, even a bilateral trade initiative may seem like a boon, especially when, as a recent Financial Times editorial pointed out, “bilateral” covers half of the world’s economy. | 對於一個等待世貿組織冗長的多哈回合最後結果已經不耐煩的世界來說，即使是雙邊計劃也像是天降恩惠，特別是在《金融時報》最近所指出的“雙邊”關係包括了世界經濟半壁江山的當下。 | 翻譯成英文。 |
但風險也是巨大的：TTIP協議可能傷害發展中國家的出口，除非歐盟和美國攜手保護這些行動方的利益。 | But there is a serious downside: The deal could hurt developing-country exporters, unless the EU and the US make a concerted effort to protect these actors’ interests. | 翻譯成中文。 |
計劃中的契約引起最多興奮情緒的部分——其對強制性產品標準等監管壁壘的強調——實際上最應該引起關注。 | The feature of the proposed pact that elicits the most excitement – its focus on regulatory barriers like mandatory product standards – should actually incite the greatest concern. | 翻譯成中文。 |
歐盟和美國關稅很低——平均不到5%——因此進一步的優惠降稅並不會嚴重影響其他國家。 | Given low tariffs in the EU and the US – less than 5%, on average – further preferential reductions will not seriously handicap outsiders. | 翻譯成中文。 |
但是，在標準問題上——比如涉及安全、健康和環境的標準——市場準入標準是嚴酷且二分的：要麼滿足規定的標準，要麼別來這裡賣東西。 | But, when it comes to standards – such as those governing safety, health, and the environment – the market-access requirements are brutal and binary: either you meet the established standard or you do not sell. | 翻譯成中文。 |
其結果是第三國企業的選擇將取決於TTIP標準如何設定：通過協調（採取共同標準）還是通過互相承認（接受滿足彼此規定標準的商品和服務）。 | As a result, third-country firms’ options will depend on how TTIP standards are established: through harmonization (adoption of a common standard) or mutual recognition (acceptance of goods that meet one another’s established standards). | 翻譯成中文。 |
第一種選擇將讓世界各地的生產者都能夠利用規模經濟的優勢。 | The first option would enable producers everywhere to take advantage of economies of scale. | 翻譯成中文。 |
But, in some cases, the harmonized standard could be more stringent than some countries’ original standards. | 但是，在一些場合，協調後的標準���能比某些國家原先的標準更加苛刻。 | 翻譯成英文。 |
Even though new standards would apply to suppliers from all exporting countries, compliance costs usually vary, meaning that those less equipped to meet higher standards could suffer. | 儘管新標準將適用於所有出口國供應商，但合規成本通常各不相同，這意味著更難以滿足高標準的企業會遭受損失。 | 翻譯成英文。 |
20世紀90年代末，歐盟決定協調黃麴黴素標準（黃麴黴素是某些黴菌產生的有毒成分族），八個成員國——包括義大利、荷蘭和西班牙——大幅度提高了國家標準，這或許就是非洲國家隊歐洲的穀物、水果乾和堅果對歐出口下降6. 7億美元的原因。 | In the late 1990’s, when the EU decided to harmonize standards for aflatoxins (a group of toxic compounds produced by certain molds), eight member states – including Italy, the Netherlands, and Spain – raised their national standards substantially, which is likely to have caused African exports of cereals, dried fruits, and nuts to Europe to decline by as much as $670 million. | 翻譯成中文。 |
With mutual recognition, the EU and the US would accept each other’s standards or conformity-assessment procedures, allowing firms to adhere to the less stringent requirements in each area. | 若採取互相承認，那麼歐盟和美國將承認彼此的標準或合規評估程式，企業會在各種標準中選擇不太苛刻的那種。 | 翻譯成英文。 |
如果該政策擴充套件到第三國企業，就會產生極大的自由化作用。 | If the policy were extended to third-country firms, it would have a powerful liberalizing impact. | 翻譯成中文。 |
比如，馬來西亞電視生產商可能選擇符合（比如）美國較易符合的安全標準，然後在歐美兩地銷售同樣的產品，既享受了規模經濟的好處，又降低了合規成本。 | For example, Malaysian television producers could choose to comply with, say, America’s easier-to-meet safety standards, then sell the same product in both markets, reaping the benefits of economies of scale while lowering compliance costs. | 翻譯成中文。 |
但是，如果TTIP將第三國企業排除在互相承認政策之外，那麼它們相對歐洲和美股公司的競爭力將受到極大的削弱。 | If, however, the TTIP excluded third-country firms from the mutual recognition policy, their competitiveness vis-à-vis European and American companies would diminish substantially. | 翻譯成中文。 |
事實上，我們的研究表明，若互相承諾協議包括嚴格的來源國限制，則地區內貿易將增加，與其他國家的貿易會削弱，發展中國家損失最大。 | Indeed, our research shows that when mutual-recognition agreements include restrictive rules of origin, intra-regional trade increases – at the expense of trade with other countries – and that developing countries tend to suffer most. | 翻譯成中文。 |
In fact, excessively constraining rules of origin have proved problematic for some of the EU’s previous recognition agreements, such as those governing professional-services standards. | 事實上，歐盟此前的不少承認協議（比如在專業服務標準方面）表明，過度約束的來源地規則很有問題大有問題。 | 翻譯成英文。 |
儘管獲准在葡萄牙出售的巴西橙可以在整個歐盟出售，但獲得葡萄牙執照的巴西工程師和會計師仍必須滿足歐盟其他地區各自的執業要求，這迫使非歐洲工人忍受費時費力的官僚主義流程，不利於急需的勞動力流動。 | While a Brazilian orange admitted for sale in Portugal can be sold throughout the EU, a Brazilian engineer or accountant licensed in Portugal must fulfill separate licensing requirements to work elsewhere in the EU, hampering much-needed labor mobility by forcing non-European workers to endure costly and inefficient bureaucratic procedures. | 翻譯成中文。 |
此外，在關稅和標準方面，世貿組織規則並不平等。 | Furthermore, when it comes to tariffs and standards, WTO rules are not created equal. | 翻譯成中文。 |
儘管世貿組織規則保護著被雙邊和地區關稅協定排除在外的國家，從而確保一體化市場不會獲得其他附加的優勢，但保護第三國免受強制性標準協議影響的保護措施幾乎不存在。 | While they protect countries excluded from bilateral or regional tariff agreements, thereby ensuring that integrated markets do not receive additional advantages, few safeguards exist to shield third countries from the fallout of agreements on mandatory standards. | 翻譯成中文。 |
Even in the absence of international rules, the EU and the US could take two actions to ensure that the TTIP does not have adverse consequences for developing economies. | 即使沒有國際法，歐盟和美國也可以採取兩個動作確保TTIP不會損害發展中經濟體。 | 翻譯成英文。 |
首先，它們可以同意不實施嚴格的來源地規則，這將使所有國家都能享受到雙邊互相承認協議的好處。 | First, they could allow all countries to reap the benefits of a bilateral mutual-recognition deal by agreeing not to impose restrictive rules of origin. | 翻譯成中文。 |
Second, where they do consider harmonization, they could favor the less stringent of the original standards, unless there is credible evidence that it would not support the relevant regulatory objective. | 其次，在考慮協調的領域，它們可以傾向於原始標準中較不苛刻的一個，除非有充分的證據表明這樣做不利於相關監管目標。 | 翻譯成英文。 |
這類似於世貿組織的脫離現行國際標準測試。 | This is akin to a WTO test for departures from established international standards. | 翻譯成中文。 |
If the EU and the US made these two commitments, the rest of the world could follow the TTIP negotiations with hope, rather than trepidation. | 如果歐盟和美國實施了這兩點，世界其他國家將可以帶著希望而不是恐懼追蹤TTIP。 | 翻譯成英文。 |
中美貿易不平衡的平衡觀 | A Balanced Look at Sino-American Imbalances | 翻譯成中文。 |
BEIJING – Before July 2007, most economists agreed that global imbalances were the most important threat to global growth. | 發自北京——在2007年7月以前，大多數經濟學家都認為全球增長的最重大威脅來自於全球貿易不平衡。 | 翻譯成英文。 |
It was argued that the United States’ rising net foreign debt-to-GDP ratio – the result of chronic current-account deficits – would put a sharp brake on capital inflows, in turn weakening the dollar, driving up interest rates, and plunging the US economy into crisis. | 他們覺得美國淨外債與GDP比率的不斷上升——這是長期經常賬戶赤字所引發的後果——將導致資金流入急劇減少，隨之削弱美元，而後利率上漲，並最終令美國經濟陷入危機當中。 | 翻譯成英文。 |
But this scenario failed to materialize. Instead, the crisis stemmed from the US sub-prime debacle, which quickly dragged the global economy into its deepest recession since the 1930’s. | 但這一設想卻未能成為現實，事實上本次危機源自於美國次級貸款的崩盤，並當即將全球經濟拖入了一場自1930年代以來最為嚴重的衰退當中。 | 翻譯成英文。 |
而大多數經濟學家之所以無法預見到危機背後的真正經濟驅動力，是因為他們對美國總債務的快速增長缺乏足夠的關注。 | Most economists failed to foresee the economic dynamics that actually led to the crisis, because they failed to pay enough attention to the rapid increase in US total debt. | 翻譯成中文。 |
實際上他們把注意力都放在了美國的外債上，卻忽視了家庭負債（抵押貸款和消費者債務）、公共負債，商業債務和金融債務等方面的問題。 | Instead, they focused exclusively on US foreign debt, ignoring household debt (mortgage and consumer debt), public debt, business debt, and financial debt. | 翻譯成中文。 |
他們尤其應當對美國抵押貸款和消費者債務的可持續性給予更多的關注。 | In particular, they should have paid greater attention to the sustainability of US mortgage and consumer debt. | 翻譯成中文。 |
在2007年，上述兩項負債與GDP的比率已經上升到90%以上，而與此同時淨外債的相關比率只有24%。 | In 2007, the mortgage and consumer debt-to-GDP ratio was more than 90%, compared to 24% for net foreign debt. | 翻譯成中文。 |
當然，債務的不同組成部分也因各自的特性和資金來源而大不相同——而其可持續性也是如此。 | Of course, the various components of debt differ considerably in their character and sources of financing – and thus in their sustainability. | 翻譯成中文。 |
But all parts of a country’s total debt and how it is financed are interconnected. | 但一國總債務的各個組成部分及其資助方式之間顯然是有所關聯的。 | 翻譯成英文。 |
This means two things. First, funds from different sources of finance are interchangeable to a certain degree: deficiency of funds for one component of total debt can be supplemented by surplus funds originally aimed at financing other components. | 這意味著兩點，首先：來自不同融資來源的資金在某種程度上是可互換的：總債務中某項資金出現的赤字可以用原本提供給其他用途的多餘資金來填補。 | 翻譯成英文。 |
Second, troubles in any single component of total debt will have an impact on all the other components. | 其二，總債務中某一部分所導致的問題將對其他部分造成影響。 | 翻譯成英文。 |
在次貸危機爆發之後，美國家庭只能用儲蓄來支付抵押貸款和消費者債務，或者被迫放棄償還。 | After the subprime crisis erupted, mortgage and consumer debt was paid down by households either with their savings or by default. | 翻譯成中文。 |
The fall in US total debt, and the narrowing of the financing gap between total debt and domestic funds, led to a significant improvement in the US current-account deficit in 2008-2009, disproving US Federal Reserve Board Chairman Ben Bernanke’s claim that the deficit was caused by a global “saving glut.” | 美國總債務的下降，以及總債務和國內資金之間財政缺口的縮窄，都使得美國經常賬戶赤字狀況在2008-2009財年大大改善，也證明美聯儲主席伯南克宣稱該赤字是由全球“儲蓄偏好”所引發的觀點是錯誤的。 | 翻譯成英文。 |
事實上儘管美元在避險需求下升值，美國經常賬戶狀況卻得到了鞏固。 | Indeed, America’s current-account position strengthened despite the dollar’s appreciation in the face of safe-haven demand. | 翻譯成中文。 |
但不幸的是，隨著私人部門去槓桿化以及家庭儲蓄的增加，由負債和消費驅動的美國經濟陷入了衰退。 | Unfortunately, as a result of the private-sector deleveraging and an increase in household savings, the US economy, driven by debt and consumption, slid into recession. | 翻譯成中文。 |
To offset the negative impact of private-sector deleveraging on growth, the US government has maintained expansionary fiscal and monetary policies. | 為了減少私人部門去槓桿化對經濟增長的負面影響，美國政府採取了一系列擴張性的貨幣和財政政策。 | 翻譯成英文。 |
如今政府大力干預後的家庭負債狀況依然處於危險邊緣，同時財政狀況急劇惡化，經常賬戶平衡狀況也再度變差。 | Now, with household debt sustained on a knife-edge after feverish government intervention, the fiscal position has deteriorated dramatically and the current-account balance has worsened again. | 翻譯成中文。 |
Sustainability of public debt has replaced sustainability of private debt as the biggest threat to financial stability, and the focus of debate about the US current account has shifted from the sustainability of foreign debt to the impact of reducing the external deficit on growth and employment. | 公共債務的可持續性已經取代私人債務成為美國金融穩定的最大問題，而針對美國經常賬戶狀況的爭論焦點也從外債的可持續性轉移到外部赤字降低對增長和就業的影響。 | 翻譯成英文。 |
對此美國的政策制定者目前陷入了困境：一方面要促進增長，另一方面又得降低總債務水平。 | The dilemma facing US policymakers is how to stimulate growth while lowering the level of total debt. | 翻譯成中文。 |
而實現這兩大目標的最重要方式就是透過提升美國國家競爭力的方式來增加出口。 | The most important way to achieve both objectives is to increase exports by strengthening US competitiveness. | 翻譯成中文。 |
But where will increased competitiveness come from? | 但這些競爭力的提升又從何而來？ ， | 翻譯成英文。 |
將美元貶值的做法能在短期內提升美國的競爭力，但卻非長久之策。 | Devaluation of the dollar could improve US competitiveness in the short run, but it is not a solution. | 翻譯成中文。 |
因為財政狀況的迅速惡化已經令投資者們對自己美國政府債券上的資本損失憂慮不已，此外貶值也將使外國人更不願意資助美國的預算赤字。 | Because rapid fiscal deterioration now has investors worrying about capital losses on US government securities, devaluation would make foreigners more hesitant to finance America’s budget deficit. | 翻譯成中文。 |
如果得不到外國資金，美國政府債務的收益率將被迫提升而美國經濟也將重新陷入衰退。 | If foreign financing is not forthcoming, yields on US government debt will rise and the US economy will fall back into recession. | 翻譯成中文。 |
長期來說，美國的發展模式必須由原本對負債和消費的依賴轉向美國人引以為榮的創新能力。 | In the long run, America’s growth pattern must undergo a structural shift from reliance on debt and consumption one based on Americans vaunted capacity for creativity and innovation. | 翻譯成中文。 |
只有這樣美國才能真正提升其競爭力，並使政府可以在保持合理增長率的同時將私人和公共債務都降低到一個可持續的水平上。 | Only then will America improve its competitiveness enough to allow the government to reduce both private and public debt to sustainable levels while maintaining a respectable growth rate. | 翻譯成中文。 |
但提升競爭力和減少總債務這兩個目標都不可能一蹴而就。 | But neither improved competitiveness, nor reduction of total debt, can be achieved overnight. | 翻譯成中文。 |
In the short run, the US current-account deficit will remain, regardless of which country runs bilateral surpluses. | 無論對其擁有雙邊貿易順差的是哪一個國家，美國的經常賬戶赤字將在短期內繼續存在。 | 翻譯成英文。 |
因此中國將其貿易盈餘持續投資在美國政府債券上的行為對美國的經濟增長和金融穩定都是極為重要的。 | Thus, China’s continued reinvestment of its current-account surplus in US government securities is of utmost important for US growth and financial stability. | 翻譯成中文。 |
Given that America benefits mightily from China’s purchases of US government securities, it is difficult to understand why the US government and Congress have been complaining so much about the bilateral current-account deficit. | 考慮到美國在中國購買美國國債方面獲取的重大利益，我們很難理解美國政府和國會為何總是對中美雙邊經常賬戶赤字大肆抱怨。 | 翻譯成英文。 |
It is also difficult to grasp why China is so reluctant to reduce its bilateral surplus, given meager returns on its massive holdings of US government securities and a sustained risk of large capital losses in the future. | 而於此同時，我們也難以解釋中國為何不願減少其雙邊貿易盈餘，因為大規模持有美國政府債券回報極低，而且還存在著鉅額資本流失風險。 | 翻譯成英文。 |
但好訊息是，在中國國家主席胡錦濤最近的訪美之行中，中美兩國都在解決雙邊貿易不平衡方面做出了積極的舉措。 | The good news is that, following President Hu Jintao’s recent visit to Washington, both America and China have been taking positive steps to resolve their differences over the bilateral current-account balance. | 翻譯成中文。 |
這預示著一個更加理性也更富建設性的中美全球貿易不平衡對話，而這也將對全球經濟有所裨益。 | That augurs well for a more rational and constructive Sino-American dialogue on global imbalances, which would certainly benefit the global economy. | 翻譯成中文。 |
銀行聯盟第一步 | A Banking Union Baby Step | 翻譯成中文。 |
布魯塞爾—金融危機開始時，人們用查爾斯·古德哈特（Charles Goodhart）的名言來描述銀行：“生而國際，死而民族。 | BRUSSELS – At the beginning of the financial crisis, it was said that banks were, in Charles Goodhart’s crisp phrase, “international in life, but national in death.” | 翻譯成中文。 |
”當是時（2008—2009年），國際大銀行在深陷困境時不得不由母國政府出手相救。 | At the time (2008-2009), large international banks had to be rescued by their home countries’ governments when they ran into trouble. | 翻譯成中文。 |
但如今，歐洲的問題與此正好相反，銀行“生而民族，死而歐洲”。 | But the problem now in Europe is the opposite: banks are “national in life, but European in death.” | 翻譯成中文。 |
比如，在西班牙，地方儲蓄銀行是超級地產繁榮的融資提供者。 | In Spain, for example, local savings banks (cajas) financed an outsize real-estate boom. | 翻譯成中文。 |
隨著繁榮變為蕭條，由此產生的損失已快要超過了西班牙整個國家的能力，這一問題變成了歐洲問題，因為事關歐元存亡。 | As the boom turned to bust, the losses threatened to overwhelm the capacity of the Spanish state, and the problem became European, because it threatened the very survival of the euro. | 翻譯成中文。 |
西班牙的狀況是一個更大問題的症狀。 | The Spanish case is symptomatic of a larger problem. | 翻譯成中文。 |
National supervisors always tend to minimize problems at home. | 國家層面的監管者總是試圖最小化國內問題。 | 翻譯成英文。 |
他們的本能（也是他們官僚主義利益之所在）是捍衛“國寶”（national champion）銀行在國外的表現。 | Their instinct (and their bureaucratic interest) is to defend their countries’ “national champion” bank(s) abroad. | 翻譯成中文。 |
但他們對辨認國內問題的牴觸更加嚴重。 | But their resistance to recognizing problems at home runs even deeper. | 翻譯成中文。 |
Until recently, the Spanish authorities maintained that the problems in their country’s real-estate sector were temporary. | 直到最近，西班牙當局才不再堅持該國房地產部門問題不是暫時性的。 | 翻譯成英文。 |
承認真相意味著多年來他們忽略了不可持續建設繁榮的風險，以至於如今整個國家都陷入了破產危險。 | To acknowledge the truth would have meant admitting that for years they had overlooked the build-up of an unsustainable construction boom that now threatens to bankrupt the entire country. | 翻譯成中文。 |
In the case of Ireland, the situation was initially not much different. | 在愛爾蘭，最初的情況與西班牙並沒有太大不同。 | 翻譯成英文。 |
When problems started to surface, the finance minister at the time initially claimed that the country would carry out “the cheapest bank rescue ever.” | 當問題開始浮現時，時任財政部長宣稱愛爾蘭將實行“史上成本最小的銀行救援”。 | 翻譯成英文。 |
不難預料，國家級監管者總是傾向於對國內問題視而不見，因此，清算資不抵債銀行的成本應該由各國自行承擔似乎是自然而然的事情。 | Given national supervisors’ predictable tendency not to recognize problems at home, it seemed natural that the cost of cleaning up insolvent banks should also be borne at the national level. | 翻譯成中文。 |
It thus seemed to make sense that even in the eurozone, banking supervision remained largely national. | 於是，即使是在歐元區，銀行監管大體上仍維持各國各自為政的局面似乎也不無道理。 | 翻譯成英文。 |
新近成立的歐洲銀行局所有用的許可權比日常工作主要根據國內情況進行的國家級監管者大不了多少。 | The recently created European Banking Authority has only limited powers over national supervisors, whose daily work is guided mainly by national considerations. | 翻譯成中文。 |
但現實已經證明，這條道路走不通。 | But reality has shown that this approach is not tenable. | 翻譯成中文。 |
Problems might originate at the national level, but, owing to monetary union, they quickly threaten the stability of the entire eurozone banking system. | 問題也許肇始於國家層面，但是，由於貨幣聯盟的存在，它們很快會威脅到整個歐元區銀行系統的穩定性。 | 翻譯成英文。 |
At their June summit, Europe’s leaders finally recognized the need to rectify this situation, transferring responsibility for banking supervision in the eurozone to the European Central Bank. | 在6月峰會上，歐洲領導人最終意識到修正這一情況、將歐元區銀行監管職能移交給歐洲央行的重要性。 | 翻譯成英文。 |
作為貨幣聯盟，金融一體化在歐元區非常牢固，這使得歐洲央行成了不二之選。 | Given that financial integration is particularly strong within the monetary union, putting the ECB in charge was an obvious choice. | 翻譯成中文。 |
此外，歐洲央行事實上早已承擔起了維持歐元區銀行系統穩定的職能。 | Moreover, the ECB already bears de facto responsibility for the stability of the eurozone’s banking system. | 翻譯成中文。 |
但是，迄今為止，歐洲央行仍必須在無法判斷銀行穩健程度的情況下向它們大規模貸款，因為所有資訊都掌握在國家級監管者手中，而後者對此死抓不放，出了問題總是拼命掩蓋，直到無法收場為止。 | But, until now, it had to lend massive amounts to banks without being able to judge their soundness, because all of that information was in the hands of national authorities who guarded it jealously and typically denied problems until it was too late. | 翻譯成中文。 |
讓歐洲央行來行使此職能還有助於阻止正在潛滋暗長的去一體化過程，該過程儘管還沒有進入公眾視野，但已成為現實威脅。 | Putting the ECB in charge should also help to stop the creeping disintegration process, which is not publicly visible, but is very real nonetheless. | 翻譯成中文。 |
只消問問坐落於受困歐元區國家的任何大型國際銀行集團總部便可推知一二。 | Just ask any of the large international banking groups headquartered in financially stressed eurozone countries. | 翻譯成中文。 |
就拿總部設在義大利的某家一行來說吧，這家銀行在德國設有一家重要分行。 | Consider the case of a bank headquartered in Italy, but with an important subsidiary in Germany. | 翻譯成中文。 |
The German operations naturally generate a surplus of funds (given that savings in Germany far exceed investment on average). | 德國分行自然手握資金盈餘（因為平均而言德國儲蓄遠高於投資）。 | 翻譯成英文。 |
The parent bank would like to use these funds to reinforce the group’s liquidity. | 總行希望使用這筆資金增強整個集團的流動性。 | 翻譯成英文。 |
But the German supervisory authorities consider Italy at risk and thus oppose any transfer of funds there. | 但德國監管當局認為義大利存在風險，因此反對資金轉移。 | 翻譯成英文。 |
母國（義大利）監管者的利益正好與此相反。 | The supervisor of the home country (Italy) has the opposite interest. | 翻譯成中文。 |
It would like to see the “internal capital market” operate as much as possible. | 它希望看到“內部資本市場”操作，越多越好。 | 翻譯成英文。 |
Here, too, it makes sense to have the ECB in charge as a neutral arbiter with respect to these opposing interests. | 在這裡，讓歐洲央行來充當尊重這些對立利益的中立仲裁者才是合適的。 | 翻譯成英文。 |
But, while putting the ECB in charge of banking supervision solves one problem, it creates another: can national authorities still be held responsible for saving banks that they no longer supervise? | 但是，儘管讓歐洲央行行使銀行監管職能可���解決問題，但也會造成另一個問題：國家級監管當局是否需要繼續對其不再行使監管職能的儲蓄銀行負責？ | 翻譯成英文。 |
Economic (and political) logic requires that the eurozone will soon also need a common bank rescue fund. | 經濟（和政治）邏輯意味著很快歐元區又需要一個共同銀行援助基金。 | 翻譯成英文。 |
Officially, this has not yet been acknowledged. | 這一需要尚未被正式承認。 | 翻譯成英文。 |
But that is often the way that European integration proceeds: an incomplete step in one area later requires further steps in related areas. | 但此乃歐洲一體化程序中的典型做法：在某領域出臺的不完整措施要求在相關領域出臺後續措施。 | 翻譯成英文。 |
這一增量辦法在過去效果甚豐； 事實上，今天的歐盟就是這樣產生的。 | This incremental approach has worked well in the past; indeed, today’s European Union resulted from it. | 翻譯成中文。 |
But a financial crisis does not give policymakers the time that they once had to explain to voters why one step required another. | 但金融危機使得決策者不再像過去那樣有時間向選民解釋為什麼一項措施會帶來另一項措施。 | 翻譯成英文。 |
他們需要大大加快動作不乏，這樣才能拯救歐元。 | They will have to walk much more quickly to save the euro. | 翻譯成中文。 |
The Renewed Promise of Abenomics | 安倍經濟學的新一輪承諾 | 翻譯成英文。 |