A “southern” camp headed by French wants something different: ”European economic government” within an inner core of euro-zone members. Translated, that means politicians intervening in monetary policy and a system of redistribution from richer to poorer members, via cheaper borrowing for governments through common Eurobonds or complete fiscal transfers. Finally, figures close to the France government have murmured, curo-zone members should agree to some fiscal and social harmonization: e.g., curbing competition in corporate-tax rates or labour costs.
It is too soon to write off the EU. It remains the world’s largest trading block. At its best, the European project is remarkably liberal: built around a single market of 27 rich and poor countries, its internal borders are far more open to goods, capital and labour than any comparable trading area. It is an ambitious attempt to blunt the sharpest edges of globalization, and make capitalism benign.
1. The EU is faced with so many problems that .
[A] it has more or less lost faith in markets
[B] even its supporters begin to feel concerned
[C] some of its member countries plan to abandon euro
[D] it intends to deny the possibility of devaluation
2. The debate over the EU’s single currency is stuck because the dominant powers .
[A] are competing for the leading position
[B] are busy handling their own crises
[C] fail to reach an agreement on harmonization
[D] disagree on the steps towards disintegration
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